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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 44108 in Cleveland, Ohio, contains a substantial inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area encompasses 760 total units in LIHTC-funded projects, with 513 specifically designated as low-income units. Based on the 2022 population of 20,786 and an estimated 7,964 housing units in the zip code, the LIHTC-funded units constitute approximately 9.5% of the total housing stock.
The LIHTC projects in zip code 44108 have received $6,438,556 in tax credits, averaging $8,471 per unit in federal funding. This zip code accounts for 1.51% of the total LIHTC funding allocated to Ohio, indicating a notable concentration of affordable housing investment in this area.
Affordable housing has been a consistent feature of zip code 44108, with projects spanning from 1987 to 2012. The earliest project, "Chn," was completed in 1987, while the most recent, "Greater Abyssinia," was finished in 2012. This represents a 25-year period of continuous affordable housing development.
The 1990s saw the most significant affordable housing activity, with projects like "Northeastern Neighborhood Homes," "Boardwalk Apts," and "Glenville Apts" being completed. The zip code's LIHTC-funded housing stock offers a range of unit types, including 105 efficiencies, 111 one-bedroom units, 183 two-bedroom units, 180 three-bedroom units, and 151 four-bedroom units, catering to various household sizes and needs.
Over the past decade, zip code 44108 has experienced a decline in population, decreasing from 25,438 in 2013 to 20,786 in 2022. Despite this population decrease, the median income has shown an upward trend, rising from $23,033 in 2013 to $35,269 in 2022. This income growth may indicate improving economic conditions for some residents.
The racial composition of zip code 44108 has remained relatively stable, with a predominantly Black population (89% in 2022). There has been a slight increase in racial diversity, with small increases in the Hispanic population and those identifying as two or more races.
The absence of new LIHTC projects since 2012 could be related to the declining population or potentially improved economic conditions as indicated by the rising median income. However, other affordable housing programs not captured in this data may be addressing current needs.
Zip code 44108 in Cleveland has a substantial inventory of LIHTC-funded affordable housing, representing about 9.5% of the estimated total housing units. With over $6.4 million in tax credits invested, this area has seen consistent affordable housing development from 1987 to 2012. The housing stock offers a variety of unit sizes to accommodate different household needs. While the population has decreased over the past decade, median incomes have risen, potentially influencing the recent lack of new LIHTC projects. The area maintains a predominantly Black population with slight increases in diversity over time.