Flag created by CincyFlags for the neighborhood. 
Its symbolism, according to CincyFlags in [1]:
"The high angle of this illustration alludes to the neighborhood’s upward incline and the University’s position atop a hill.
The McMicken Hall facade symbolizes the University of Cincinnati and its prominence of its main campus in the Heights.
Red as one of the University’s main colors.

White for the institution of higher education."
Own work using: https://www.cincyflags.com/the-heights-1
CincyFlags