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Newark's LIHTC Affordable Housing: Three Decades of Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Newark, Ohio, founded in 1802, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 366 total units, with 305 designated as low-income units. This represents approximately 1.8% of the city's estimated 20,174 housing units.
Newark has received $1,182,868 in project tax credits for affordable housing through the LIHTC program. With approximately 15 projects, this averages $78,858 in federal funding per project, or $3,232 per unit. Newark holds 0.28% of Ohio's total LIHTC funding, indicating a modest share of the state's affordable housing resources.
The city's involvement with LIHTC projects spans from 1988 to 2014. The first projects, Avant and Avant 3, were completed in 1988, while the most recent known project, Newark Village Apartments, was finished in 2014. The 1990s saw the most activity, with five projects completed during that decade, including Newark Village Green and Quail Creek Townhomes in 1992.
The LIHTC projects in Newark offer a diverse range of unit types. There are 42 one-bedroom units, 96 two-bedroom units, 22 three-bedroom units, and 2 four-bedroom units. This distribution accommodates various family sizes and living situations.
Newark's population has grown slightly from 50,853 in 2015 to 52,653 in 2022. The median income has increased from $44,366 in 2015 to $55,810 in 2022, indicating improving economic conditions for some residents. The racial composition has remained relatively stable, with a slight decrease in the white population from 92% in 2015 to 89% in 2022. The Black population has remained steady at 3%, with slight increases in Hispanic, Asian, and multi-racial populations.
No new LIHTC projects have been recorded since 2014. This may suggest that other affordable housing initiatives are addressing the city's needs, or that the existing LIHTC inventory is currently sufficient for the population's requirements.
Newark's LIHTC funded affordable housing inventory represents a long-term commitment to providing low-income housing options. The city has maintained a steady presence of affordable housing projects over three decades, with a diverse range of unit types. While recent years have not seen new LIHTC developments, the city's demographic trends, including population growth and increasing median income, may influence future affordable housing needs and strategies.
