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Holly Hill's LIHTC Housing: Addressing Affordability Amid 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
Holly Hill, a neighborhood in Columbus, Ohio, contains a substantial inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 902 total affordable units, all designated as low-income units. This number of affordable housing units significantly contributes to addressing the community's housing needs.
Based on Holly Hill's 2022 population of 4,986 and the national average household size of 2.61, the neighborhood is estimated to have approximately 1,910 housing units. The 902 LIHTC-funded affordable units represent about 47.2% of the estimated housing inventory, indicating that LIHTC-funded affordable housing constitutes a significant portion of the neighborhood's housing stock.
The LIHTC projects in Holly Hill have received a total of $905,092 in tax credits. With 902 total units, this equates to an average federal funding of approximately $1,003 per unit. This investment demonstrates a substantial commitment to affordable housing in the neighborhood.
The first LIHTC project in Holly Hill, Briggs Wedgewood Apts, was completed in 1998, followed by Kingsford Homes in 2001. This indicates that affordable housing has been present in the neighborhood for over two decades. The late 1990s and early 2000s appear to be the period with the most affordable housing development in Holly Hill.
The LIHTC-funded housing in Holly Hill offers a range of unit types. The inventory includes 321 one-bedroom units, 387 two-bedroom units, 16 three-bedroom units, and 33 four-bedroom units. This variety of unit sizes suggests that the affordable housing stock can accommodate different household compositions, from individuals to larger families.
Over the past decade, Holly Hill has experienced demographic shifts. The population has remained relatively stable, fluctuating between 4,849 and 5,836 residents. The median income has shown an overall upward trend, increasing from $28,366 in 2013 to $38,223 in 2022, with some fluctuations in between.
Racial demographics have also changed. The white population has remained the largest group, but its share has decreased from 51% in 2019 to 46% in 2022. The Black population has decreased from 34% in 2013 to 25% in 2022. The Hispanic population has grown from 13% to 16%, and the Asian population has increased from 2% to 4% during the same period.
These demographic changes, particularly the rising median income and shifts in racial composition, may influence the ongoing need for affordable housing in the neighborhood. The stable presence of LIHTC-funded units suggests that they continue to play a vital role in maintaining housing affordability amidst these demographic changes.
Holly Hill's affordable housing landscape is characterized by a significant LIHTC-funded inventory, covering nearly half of the estimated housing units in the neighborhood. The two LIHTC projects, developed in the late 1990s and early 2000s, provide a diverse range of unit types to accommodate various household sizes. While the neighborhood has experienced demographic changes, including increases in median income and shifts in racial composition, the substantial presence of affordable housing units continues to address the community's housing needs. This analysis underscores the importance of LIHTC-funded affordable housing in maintaining housing accessibility in Holly Hill amid evolving demographic trends.
