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Affordable Housing in Zip Code 45050: Analysis of LIHTC-Funded Units in Monroe, Ohio
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 45050, located in Monroe, Ohio, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has a total of 114 LIHTC-funded units, with 15 specifically designated as low-income units. As of 2022, the zip code's population was 8,841, with an estimated housing inventory of approximately 3,387 units. The LIHTC-funded affordable housing covers about 3.4% of the estimated housing units in the zip code.
The LIHTC projects in zip code 45050 have received $475,093 in project tax credits, averaging about $4,167 per unit. This funding represents 0.11% of Ohio's total LIHTC allocation, indicating a small but significant contribution to the state's affordable housing efforts.
The Reserve At Monroe Crossings, completed in 2005, is a notable project in zip code 45050. It comprises 114 units, including 22 one-bedroom, 88 two-bedroom, and 4 three-bedroom apartments. This project has been providing affordable housing options in the area for nearly two decades.
Over the past decade, zip code 45050 has experienced population growth, increasing from 7,266 in 2013 to 8,841 in 2022. Median income has also risen significantly, from $70,791 in 2013 to $93,626 in 2022, representing a 32% increase. This substantial income growth may partially explain the limited expansion of LIHTC-funded housing in recent years, as the overall economic situation of residents has improved.
Racial demographics in zip code 45050 have remained relatively stable, with a slight decrease in the white population from 89% in 2013 to 82% in 2022, and small increases in other racial groups. The Black population has grown slightly from 3% to 4%, while the Hispanic population has increased from 2% to 4% during this period.
Zip code 45050 in Monroe, Ohio, has a modest LIHTC-funded affordable housing inventory, covering about 3.4% of the estimated housing units. The area has seen significant population and income growth over the past decade, which may have influenced the demand for affordable housing. While the racial composition has remained relatively stable, there has been a slight increase in diversity. The existing LIHTC project, The Reserve At Monroe Crossings, continues to play a role in providing affordable housing options in this growing community.
