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Affordable Housing Prevalence in Lane-Wooster: A Study of LIHTC Projects in an Evolving Akron Neighborhood
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 Lane-Wooster neighborhood in Akron, Ohio, exhibits a substantial presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. This neighborhood contains 707 total units in LIHTC-funded projects, with 626 designated as low-income units. Based on the 2022 population of 5,135 and using the national average household size, the estimated number of housing units in the neighborhood is approximately 1,967. The LIHTC-funded affordable housing represents about 36% of the estimated housing inventory, indicating a significant contribution to the neighborhood's affordable housing supply.
The LIHTC projects in Lane-Wooster have received $1,775,967 in tax credits, averaging about $2,512 per unit in federal funding. The neighborhood has a long history of affordable housing development, with the earliest projects, Akron Section 8 Rehabilitation and Raymond Project, completed in 1987. The most recent projects with known completion dates are Edgewood Village IV, Edgewood Village South, and Edgewood Village V, all completed in 2012.
The 1990s witnessed significant affordable housing development in Lane-Wooster, with multiple projects completed during this decade, including Cedar Street Apartments and its subsequent phases. The 2000s and early 2010s also saw continued development, with projects such as Stephenson Pointe Townhomes and the Edgewood Village developments. The LIHTC-funded housing in Lane-Wooster offers a diverse range of unit types. While data on efficiencies is not available, the inventory includes 11 one-bedroom units, 171 two-bedroom units, 107 three-bedroom units, and 26 four-bedroom units, catering to various household sizes and needs.
Over the past decade, Lane-Wooster has experienced a decline in population, from 6,687 in 2018 to 5,135 in 2022. Despite this decrease, the median income has shown an overall upward trend, rising from $21,004 in 2018 to $25,120 in 2022. This increase in median income, despite population decline, suggests changing economic dynamics in the neighborhood.
The racial composition of Lane-Wooster has remained relatively stable, with a predominant Black population. However, there has been a slight decrease in the Black population percentage (from 83% in 2018 to 76% in 2022) and a small increase in the White population (from 10% to 14%) and Hispanic population (from 1% to 5%) during this period.
The consistent presence of LIHTC projects over the years, coupled with the recent income growth and demographic shifts, suggests an ongoing need for affordable housing in the neighborhood. The diversity in unit types provided by LIHTC projects appears to align with the changing demographics and potentially varying household sizes in the area.
Lane-Wooster demonstrates a significant commitment to affordable housing through its LIHTC-funded projects, which cover over a third of the estimated housing inventory. The neighborhood has seen continuous development of affordable housing since the late 1980s, with a variety of unit types to accommodate different household needs. Despite a declining population, rising median incomes and subtle shifts in racial composition indicate evolving neighborhood dynamics. The sustained presence of LIHTC projects over the years reflects an enduring focus on maintaining affordable housing options in this Akron neighborhood.
