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Columbus' LIHTC Program: A Three-Decade Commitment to Affordable Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Columbus, Ohio's capital and largest city, has a significant inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city has 14,443 total units in LIHTC-funded projects, with 10,745 of these designated as low-income units. This number of affordable housing units addresses a portion of the city's housing needs.
Based on Columbus' 2022 population of 908,372 and the national average household size of 2.61, the estimated total housing inventory is approximately 348,035 units. The LIHTC-funded affordable housing units represent about 4.15% of this estimated housing stock. This indicates that while LIHTC projects contribute to affordable housing in Columbus, there is potential for growth to meet demand.
Columbus has received $61,566,458 in project tax credits through the LIHTC program. With approximately 232 projects, this translates to an average of $265,373 in federal funding per project. The average federal funding per unit is $4,262. Columbus holds 14.48% of Ohio's total LIHTC funding, demonstrating its share of the state's affordable housing initiatives.
The city's commitment to affordable housing through LIHTC spans several decades. The earliest recorded LIHTC project, Vick Apts, was completed in 1987, while some of the most recent projects, including Creekside Place Apartments and Wheatland Crossing II, were completed in 2020. This 33-year span shows Columbus' long-term dedication to affordable housing.
The 1990s saw an increase in LIHTC project completions, with numerous developments such as Abbey Church Village, Faith Village Apts Phase II, and Winchester Lakes Apts being built during this decade. This period marked growth in Columbus' affordable housing inventory.
Columbus' LIHTC-funded housing stock offers a range of unit types. The inventory includes 376 efficiencies, 2,436 one-bedroom units, 5,582 two-bedroom units, 2,015 three-bedroom units, and 675 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Analyzing demographic trends over the last decade, Columbus has experienced population growth, increasing from 809,890 in 2012 to 908,372 in 2022. This 12.2% growth may have contributed to the need for affordable housing. Median income has also risen, from $44,426 in 2013 to $61,727 in 2022, a 39% increase. However, this growth in median income might not have kept pace with rising housing costs, maintaining the demand for affordable options.
Racial demographics have remained relatively stable, with a slight decrease in the white population (from 58% in 2013 to 52% in 2022) and small increases in Asian and Hispanic populations. The Black population has remained steady at around 28-29%. This diversity underscores the importance of equitable access to affordable housing across all demographics.
In summary, Columbus has made progress in providing LIHTC-funded affordable housing over the past three decades. The city's share of Ohio's LIHTC funding and its diverse housing stock demonstrate a commitment to addressing affordable housing needs. However, with LIHTC units representing only about 4.15% of the estimated housing inventory, there may be opportunities for further expansion to meet the potential demand for affordable housing in this growing city.
