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Affordable Housing in Zip Code 45320: Three Decades of LIHTC Development in Eaton, 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
Zip code 45320, located in Eaton, Ohio, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The zip code covers an area of 138.13 square miles with a population of 16,423 as of 2022. The LIHTC program has funded 147 units in this area, with 111 designated as low-income units. Based on the estimated housing inventory of 6,292 units, LIHTC-funded affordable housing comprises approximately 2.34% of the zip code's housing stock.
The LIHTC projects in zip code 45320 have received $822,016 in tax credits, averaging $5,592 per unit in federal funding. This zip code accounts for 0.19% of Ohio's total LIHTC funding. Affordable housing has been present in this zip code for nearly three decades, with the first LIHTC project, Prestwick Square Of Eaton, completed in 1993. The most recent addition, Residences At Eagles Point, was completed in 2016. The 1990s saw the most activity in affordable housing development, with two projects completed during that decade.
The LIHTC-funded housing in zip code 45320 offers a range of unit types. Out of the 147 units, there are 11 one-bedroom, 85 two-bedroom, and 20 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, the population in zip code 45320 has shown a slight decline, decreasing from 17,132 in 2013 to 16,423 in 2022. Despite this population decrease, the median income has increased from $48,519 in 2013 to $61,094 in 2022, representing a 26% growth.
The racial composition of zip code 45320 has remained relatively stable, with a predominantly white population (95% in 2022). There has been a small increase in diversity, with the percentage of residents identifying as two or more races growing from 1% in 2013 to 3% in 2022.
The most recent LIHTC project in zip code 45320 was completed in 2016, which coincides with a period of rising median income. This suggests that despite the overall income growth, there was still a recognized need for affordable housing options in the community.
Zip code 45320 has a modest LIHTC-funded affordable housing presence, covering about 2.34% of the estimated housing stock. The area has seen consistent development of affordable housing over nearly three decades, with projects ranging from the early 1990s to the mid-2010s. While the population has slightly decreased, median income has risen substantially. The LIHTC program has provided diverse housing options, primarily targeting small to medium-sized households. This ongoing investment in affordable housing, even as incomes rise, reflects a continued commitment to maintaining housing accessibility across different economic levels in the community.
