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Affordable Housing in Zip Code 45005: A Two-Decade LIHTC Development 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 45005 in Franklin, Ohio, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 290 total units in LIHTC-funded projects, with 137 designated as low-income units. Based on the 2022 population of 32,536 and an estimated 12,466 housing units, LIHTC-funded affordable housing represents approximately 2.3% of the zip code's estimated housing inventory.
The zip code has experienced LIHTC-funded affordable housing development from 1989 to 2007. The initial project, Harding House, was completed in 1989, while the most recent, Franklin Woods, was finished in 2007. This indicates a sustained commitment to affordable housing in the area.
The 1990s and 2000s were active decades for LIHTC developments in this zip code. Significant projects include Emerald Edge Apartments, completed in 1998 with 170 total units, and Franklin Woods, which added 114 units in 2007, all designated as low-income. The housing mix in these LIHTC projects is diverse, with 82 one-bedroom units, 95 two-bedroom units, and 44 three-bedroom units. This distribution accommodates various household sizes.
Over the past decade, the zip code has experienced moderate population growth, increasing from 30,992 in 2013 to 32,536 in 2022. The median income has risen from $56,396 in 2013 to $63,680 in 2022, indicating improving economic conditions for residents. Racial demographics have remained relatively stable, with a slight increase in diversity. The white population decreased from 95% in 2013 to 91% in 2022, while there were small increases in Asian, Hispanic, and multiracial populations.
Despite the absence of new LIHTC projects in the last decade, the existing affordable housing stock continues to serve the community. The stable population growth and increasing median income suggest that the current affordable housing inventory may be meeting the community's needs, though ongoing assessment would be beneficial.
Zip code 45005 has an established foundation of LIHTC-funded affordable housing, developed over nearly two decades. While the affordable housing stock represents a small percentage of the estimated total housing units, it provides housing options for low-income residents. The diverse unit mix accommodates various household sizes, and the long-standing presence of these projects indicates their sustained importance to the community. As the area continues to grow and evolve demographically, ongoing evaluation of affordable housing needs will be crucial to ensure the community maintains a balanced housing market.
