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Cleveland's LIHTC-Funded Affordable Housing: A Decades-Long Commitment Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Cleveland, Ohio has a significant inventory of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The city has 12,611 total units in LIHTC-funded projects, including 10,999 designated low-income units, representing efforts to address affordable housing needs.
Based on the estimated housing inventory of 138,565 units, LIHTC-funded affordable housing represents approximately 9.1% of the city's housing stock. This indicates a substantial contribution to affordable housing, though it does not cover the entire estimated need.
Cleveland has received $62,209,643 in project tax credits for affordable housing through the LIHTC program. With approximately 196 projects, this translates to an average of $317,396 in federal funding per project. When considering the total units, the average federal funding amounts to $4,933 per unit. Cleveland holds 14.63% of Ohio's total LIHTC funding, highlighting its role in the state's affordable housing initiatives.
The city's commitment to affordable housing spans several decades. The earliest LIHTC projects in Cleveland date back to 1987, with developments like CHN, Olympia Building, and Panek Building. The most recent projects were completed in 2020, including Emerald Alliance XI, Franciscan Village Apartments, and La Villa Hispana.
The 1990s saw a surge in affordable housing development in Cleveland. Notable projects from this period include Ascension Village (1994), Northeastern Neighborhood Homes (1995), and National Terminal Apartments (1997).
Cleveland's LIHTC-funded housing inventory is diverse, catering to various household sizes. The breakdown includes 574 efficiencies, 3,312 one-bedroom units, 2,793 two-bedroom units, 2,241 three-bedroom units, and 1,077 four-bedroom units. Some LIHTC projects target specific populations, such as Cleveland Housing Network XVII (2000) focusing on single parents.
Analyzing demographic trends over the last decade, Cleveland's population has been declining, from 396,240 in 2010 to 361,654 in 2022. Despite this decrease, the median income has improved, rising from $26,096 in 2013 to $37,351 in 2022.
Racial distribution in Cleveland has remained relatively stable over the past decade. The Black population has slightly decreased from 51% in 2013 to 46% in 2022, while the Hispanic population has grown from 11% to 13%. The White population has remained steady at around 33-34%.
In summary, Cleveland's LIHTC-funded affordable housing inventory represents a significant portion of the city's housing stock. The city has consistently invested in affordable housing over several decades, with a diverse range of unit types to meet various needs. While population has declined, rising median incomes and shifts in racial demographics highlight the evolving nature of the city. These factors, combined with the substantial LIHTC investment, demonstrate Cleveland's ongoing commitment to providing affordable housing options for its residents.
