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Affordable Housing in Zip Code 45373: Two Decades of LIHTC Projects in Troy, 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 45373 in Troy, Ohio, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 276 total units in LIHTC-funded projects, with 275 designated as low-income units. Based on the 2022 population of 36,371 and utilizing the national average household size, an estimated 13,935 housing units exist in this zip code. The LIHTC-funded affordable housing represents approximately 1.98% of the estimated housing inventory in this area.
The LIHTC projects in zip code 45373 have received $540,439 in project tax credits, averaging about $1,958 per unit in federal funding. This zip code accounts for 0.13% of Ohio's total LIHTC funding, indicating a modest but significant contribution to the state's affordable housing efforts.
Affordable housing has been present in this zip code for over two decades. The initial LIHTC project, Buckeye Community Apts, was completed in 1994, while the most recent, Staunton Commons II, was finished in 2015. The 1990s witnessed the highest number of affordable housing project completions, with two projects: Buckeye Community Apts (1994) and Terrace Ridge Apts (1997).
The LIHTC-funded housing in zip code 45373 offers a diverse range of unit types. There are 5 efficiencies, 37 one-bedroom units, 59 two-bedroom units, 8 three-bedroom units, and 6 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Over the past decade, the population in zip code 45373 has exhibited steady growth, increasing from 34,153 in 2013 to 36,371 in 2022. This 6.5% population increase suggests a growing demand for housing, including affordable options.
Median income in the area has also experienced significant growth, rising from $62,773 in 2013 to $79,221 in 2022, representing a 26.2% increase. Despite this overall income growth, the continued presence of LIHTC projects indicates an ongoing need for affordable housing options for lower-income residents.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 91% in 2013 to 87% in 2022. There have been small increases in Asian, Black, Hispanic, and multi-racial populations, suggesting a gradual diversification of the community.
Zip code 45373 in Troy, Ohio, has a modest but important LIHTC-funded affordable housing inventory, covering nearly 2% of the estimated housing units. The area has experienced consistent population growth and significant median income increases over the past decade. While the racial composition remains predominantly white, there is a trend towards increased diversity. The LIHTC projects, developed over two decades, provide a range of unit types to meet various needs within the low-income population. Despite rising incomes, the continued presence and development of LIHTC projects through 2015 suggest an ongoing demand for affordable housing options in this growing community.
