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Affordable Housing in Zip Code 44507: A Two-Decade LIHTC Investment Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 44507 in Youngstown, Ohio has a distinct affordable housing landscape shaped by the Low-Income Housing Tax Credit (LIHTC) program. This area contains 54 units in LIHTC-funded projects, including 9 designated as low-income units, addressing affordable housing needs for several decades. Based on the estimated 1,755 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 3.1% of the local housing inventory.
The LIHTC program has invested $1,495,847 in project tax credits in this zip code. This equates to an average federal funding of $27,701 per unit in LIHTC-funded projects. Zip code 44507 accounts for 0.35% of Ohio's total LIHTC funding, indicating a focused investment in this area.
Affordable housing has been present in this community since 1997, beginning with the completion of South Youngstown Homes. The most recent addition was Grovewood Manor in 2019, demonstrating over two decades of continuous affordable housing development. The 2000s experienced the most activity, with projects such as Youngstown Choice Homes III being completed.
The LIHTC-funded housing stock in zip code 44507 offers a range of unit types. The inventory includes 9 one-bedroom units, 1 two-bedroom unit, 37 three-bedroom units, and 7 four-bedroom units. This distribution indicates a focus on accommodating families of various sizes, with an emphasis on larger households.
Over the past decade, zip code 44507 has experienced demographic shifts. The population has decreased from 5,058 in 2015 to 4,581 in 2022, a trend that may influence future affordable housing needs. Median income has increased from $15,696 in 2015 to $24,322 in 2022, which could impact eligibility for affordable housing programs.
Racial demographics have remained relatively stable, with the Black population consistently representing the majority (around 60% in recent years). The Hispanic population has fluctuated between 6% and 16% over the past decade. These demographic patterns may inform future affordable housing strategies and targeted outreach efforts.
Zip code 44507 in Youngstown, Ohio has an established foundation of LIHTC-funded affordable housing, covering about 3.1% of the estimated housing inventory. The area has seen consistent investment in affordable housing over more than two decades, with a diverse range of unit types catering to different household sizes. While the population has decreased slightly, rising median incomes and stable racial demographics suggest a changing landscape that may influence future affordable housing needs and strategies in this community.
