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Affordable Housing in Zip Code 45628: A Decade of Stability in Frankfort, 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 45628, encompassing Frankfort, Ohio, has a population of 6,260 as of 2022 and spans 82.96 square miles. This area contains 38 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all categorized as low-income. These units represent approximately 1.58% of the zip code's estimated 2,398 housing units.
LIHTC projects in zip code 45628 have received $153,219 in tax credits, averaging $4,032 per unit. This allocation constitutes 0.04% of Ohio's total LIHTC funding, indicating a modest investment in affordable housing for this area. The presence of affordable housing in this zip code dates back over a decade, with the initial LIHTC project, Tanglewood Apts, completed in 1993 and the most recent, Frankfort Place, finished in 2004. The 1990s marked the period of most significant affordable housing development in this region.
The LIHTC inventory in zip code 45628 comprises 38 total units, including 2 one-bedroom units. The distribution of other unit types is not specified in the available data.
Over the past decade, the population in zip code 45628 has shown minimal change, increasing slightly from 5,554 in 2015 to 6,260 in 2022. The median income has experienced substantial growth, rising from $54,615 in 2015 to $62,003 in 2022, with a peak of $71,621 in 2021. This income growth may suggest a diminishing need for affordable housing in recent years.
The racial composition of zip code 45628 has remained predominantly white, consistently exceeding 90% throughout the past decade. There has been a minor decrease in the Black population, from 3% in 2015 to 1% in 2022, while the Hispanic population has remained stable at approximately 1%.
Zip code 45628 in Frankfort, Ohio, maintains a small but established LIHTC funded affordable housing inventory, comprising about 1.58% of the estimated housing stock. The area has not seen new LIHTC developments since 2004, potentially influenced by the increasing median income and stable population trends observed over the past decade. While the current LIHTC inventory provides some affordable housing options, it represents a small portion of the total housing stock in the zip code.
