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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Firestone Park, a neighborhood in Akron, Ohio, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 368 total units, with 332 designated as low-income units. Based on the 2022 population of 16,450 and using the national average household size of 2.61, the estimated housing units in the neighborhood are approximately 6,303. The LIHTC funded affordable housing represents about 5.8% of the estimated housing inventory in Firestone Park.
Affordable housing has been part of Firestone Park's landscape for over two decades. The first LIHTC project, Wilbeth-Arlington Homes, was completed in 1998, followed by Summit Lake Homes in 2001. The 1990s and early 2000s witnessed the most LIHTC development activity in the neighborhood.
The LIHTC funded projects in Firestone Park offer a diverse range of unit types. Out of the 368 total units, there are 8 one-bedroom units, 1 two-bedroom unit, 173 three-bedroom units, and 87 four-bedroom units. This distribution indicates a focus on accommodating families, with a significant number of larger units available.
One of the projects, Summit Lake Homes, specifically targets single parents. This focus addresses the unique needs of this demographic, potentially providing support services or amenities tailored to single-parent households.
Over the past decade, Firestone Park's population has remained relatively stable, with slight fluctuations. The median income has shown an overall increasing trend, rising from $46,875 in 2013 to $48,674 in 2022, with a peak of $54,373 in 2021.
Regarding racial demographics, the neighborhood has experienced changes. The white population has decreased from 81% in 2013 to 68% in 2022, while the Black population has increased from 11% to 16% during the same period. The Hispanic population and those identifying as two or more races have also seen modest increases.
These demographic shifts, particularly the increase in racial diversity and the fluctuating median income, may influence the ongoing need for affordable housing in the neighborhood. However, no new LIHTC projects have been completed in Firestone Park since 2001, which could indicate that other affordable housing programs or initiatives may be addressing current needs.
Firestone Park's LIHTC funded affordable housing inventory, while covering a small percentage of the estimated housing stock, provides 332 low-income units to the neighborhood. The projects, completed in the late 1990s and early 2000s, offer a mix of unit sizes with a focus on larger family-friendly options. The neighborhood has experienced moderate demographic changes over the past decade, including increased racial diversity and fluctuating median income. While no new LIHTC projects have been developed recently, the existing inventory continues to contribute to the affordable housing needs of Firestone Park residents.