Loading Content...
Troy, Ohio: Affordable Housing Trends in a Growing Midwestern City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Troy, Ohio, possesses a distinct LIHTC-funded affordable housing inventory that forms part of its housing landscape. The city has a total of 276 units in LIHTC-funded projects, with 275 of these designated as low-income units. Based on the 2022 population of 34,121 and an estimated 13,073 housing units, the LIHTC-funded affordable housing comprises approximately 2.1% of the city's estimated housing inventory.
Troy has received $540,439 in project tax credits through the LIHTC program. With approximately 4 projects, this averages to about $135,110 per project or $1,958 per unit. The city holds 0.13% of Ohio's total LIHTC funding, indicating a relatively small share of the state's affordable housing resources.
The city's LIHTC-funded affordable housing development spans over two decades, with the first project, Buckeye Community Apts, completed in 1994, and the most recent, Staunton Commons II, in 2015. The 1990s saw the completion of two projects, while the 2000s and 2010s each saw one project completion, suggesting a consistent, though modest, development of affordable housing over time.
Troy's LIHTC-funded housing stock includes a diverse mix of unit types. Of the 276 total units, there are 5 efficiencies, 37 one-bedroom, 59 two-bedroom, 8 three-bedroom, and 6 four-bedroom units. This distribution indicates a focus on accommodating various household sizes, with a particular emphasis on one and two-bedroom units.
Over the past decade, Troy has experienced steady population growth, increasing from 32,781 in 2014 to 34,121 in 2022. Concurrently, the median income has risen significantly, from $61,879 in 2014 to $77,333 in 2022, representing a 25% increase. This income growth may have impacted the demand for affordable housing.
The racial composition of Troy has remained relatively stable, with a slight decrease in the white population from 90% in 2014 to 87% in 2022. There have been small increases in Asian, Hispanic, and multi-racial populations, each growing by about 1-2 percentage points. This gradual diversification could influence future affordable housing needs.
Troy's LIHTC-funded affordable housing inventory, while modest, has been developed consistently over the past three decades. The 276 units, primarily serving low-income residents, represent a small but significant portion of the city's housing stock. The diversity in unit types suggests an effort to meet varied household needs. As Troy continues to grow and diversify, ongoing assessment of affordable housing needs will be crucial to ensure adequate support for its changing population.
