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Affordable Housing in Zip Code 45750: A Three-Decade LIHTC Investment 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 45750 in Marietta, Ohio, contains 196 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 79 units specifically designated as low-income. Based on the 2022 population of 24,243 and using the national average household size, there are approximately 9,289 housing units in this zip code. LIHTC funded affordable housing comprises about 2.11% of the estimated housing inventory.
The LIHTC program has invested $657,182 in tax credits for affordable housing projects in zip code 45750. This equates to an average federal funding of approximately $3,352 per unit across all LIHTC funded projects. This zip code accounts for 0.15% of the total LIHTC funding allocated to Ohio.
Affordable housing has been present in this community for over three decades. The first LIHTC project, Garfield Avenue, was completed in 1989, while the most recent, Gates Green Village Apartments, was finished in 2010. The 2000s saw the most activity, with three projects completed during this decade: Ridgewood Court Apartments (2006), Norwood Greene (2008), and Gates Green Village Apartments (2010).
The LIHTC funded housing stock in zip code 45750 offers a range of unit types. There are 65 one-bedroom units, 75 two-bedroom units, and 27 three-bedroom units, accommodating various household sizes and needs.
Over the past decade, zip code 45750 has experienced a gradual population decline, from 25,987 in 2015 to 24,243 in 2022. Despite this decrease, the median income has shown an overall upward trend, rising from $42,411 in 2015 to $48,467 in 2022. The racial composition has remained relatively stable, with the white population consistently representing about 93-94% of residents.
No new LIHTC projects have been completed in zip code 45750 since 2010. This could be related to the declining population trend, which might indicate a reduced demand for new housing units. The rising median income could also suggest that fewer residents fall into the low-income category typically served by LIHTC projects.
Zip code 45750 has a modest LIHTC funded affordable housing inventory, covering about 2.11% of the estimated housing stock. The area has seen LIHTC investment spanning from 1989 to 2010, with the most active period being the 2000s. While the population has been declining and median income rising over the past decade, the racial composition has remained stable. These demographic shifts may explain the lack of new LIHTC projects since 2010.
