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Riverside, Ohio's Three-Decade Commitment to Affordable Housing Through LIHTC
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Riverside, Ohio, possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory that addresses community housing needs. The city contains 287 units in LIHTC-funded projects, with 250 designated as low-income units. These affordable housing units represent approximately 1.92% of the city's estimated 14,922 housing units.
Riverside has received $2,072,766 in project tax credits through the LIHTC program. With approximately 5 projects, this equates to an average of $414,553 in federal funding per project, or $7,222 per unit. The city holds 0.49% of Ohio's total LIHTC funding, indicating a small but notable portion of the state's affordable housing investment.
The city's involvement with LIHTC-funded affordable housing spans three decades, commencing with Mad River Manor in 1989 and most recently including Riverworks Lofts in 2019. This 30-year period demonstrates a sustained commitment to affordable housing in the community.
The 1990s witnessed the highest number of affordable housing project completions, including Timber Ridge Apts in 1997 and Riverside Commons II in 1999. Recent developments comprise Riverside Senior Lofts in 2018 and Riverworks Lofts in 2019, suggesting renewed interest in affordable housing development.
LIHTC-funded projects in Riverside include a variety of unit types: 24 one-bedroom units, 151 two-bedroom units, and 36 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized families.
Over the past decade, Riverside has experienced slight population fluctuations, trending towards a modest decrease. The population declined from 40,624 in 2019 to 38,947 in 2022. Despite this decline, two new LIHTC projects were completed in 2018 and 2019, indicating a persistent need for affordable housing options.
Riverside's median income has shown an overall upward trend, increasing from $54,244 in 2017 to $56,278 in 2022, with intermittent fluctuations. This rise in median income may signify an increasing need for affordable housing options for lower-income residents facing potential increases in housing costs.
The city's racial demographics have remained relatively stable over the past decade. The white population decreased slightly from 82% in 2013 to 80% in 2022, while small increases occurred in Asian, Hispanic, and multiracial populations. This gradual diversification may influence demand for diverse affordable housing options.
Riverside's LIHTC-funded affordable housing inventory, though modest in size, represents a consistent effort to provide affordable options over three decades. The recent completion of two projects in 2018 and 2019 demonstrates an ongoing commitment to affordable housing development. While LIHTC-funded units comprise a small percentage of the city's estimated housing stock, they play a crucial role in providing affordable options, particularly as the city experiences slight population changes and income growth. The diverse unit types available suggest an attempt to meet various household needs within the affordable housing sector.
