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Affordable Housing Impact on Demographic Shifts in Chicago's Stateway Gardens
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Stateway Gardens, a neighborhood in Chicago, Illinois, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 263 units in LIHTC-funded projects, with 225 designated as low-income units. Based on the 2022 population of 1,273 and an estimated 488 housing units in the neighborhood, LIHTC-funded affordable housing comprises approximately 54% of the neighborhood's estimated housing inventory, indicating a substantial contribution to the area's affordable housing needs.
The LIHTC program has invested significantly in Stateway Gardens, with project tax credits totaling $2,392,578. This equates to an average federal funding of about $9,097 per unit across all LIHTC-funded projects in the neighborhood. The neighborhood has experienced LIHTC-funded affordable housing development from 2008 to 2013, demonstrating a consistent commitment to affordable housing over a five-year period.
The first LIHTC projects in the neighborhood, Park Blvd 1B and Park Boulevard 1B, were both completed in 2008, marking the initiation of LIHTC investment in the area. The most recent projects, Park Blvd IIa and Park Boulevard IIb, were completed in 2012 and 2013 respectively, indicating continued development of affordable housing in the early 2010s.
The housing inventory in LIHTC-funded projects includes a diverse mix of unit sizes. There are 50 one-bedroom units, 39 two-bedroom units, 13 three-bedroom units, and 4 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population of Stateway Gardens.
Over the past decade, Stateway Gardens has experienced significant demographic changes. The population has grown substantially, from 682 in 2014 to 1,273 in 2022, nearly doubling in size. This population growth coincides with the development of LIHTC-funded housing in the neighborhood, suggesting a potential relationship between affordable housing availability and population increase.
Median income in the neighborhood has fluctuated over the years, with a notable increase from $14,699 in 2019 to $25,873 in 2022. This rise in median income may indicate improving economic conditions for residents, possibly influenced by the stability provided by affordable housing options.
Racial demographics have remained relatively stable, with the Black population consistently representing the majority. However, there has been a slight increase in diversity, with small but growing Hispanic and multi-racial populations. The Asian population has decreased from 18% in 2020 to 8% in 2022.
Stateway Gardens demonstrates a strong presence of LIHTC-funded affordable housing, covering over half of the estimated housing inventory. The neighborhood has seen consistent development of affordable housing projects from 2008 to 2013, providing a variety of unit sizes to meet diverse needs. The significant federal investment through tax credits underscores the importance of affordable housing in this area.
The correlation between LIHTC project development and population growth suggests that affordable housing may have played a role in attracting new residents to the neighborhood. While median income has increased in recent years, it remains relatively low, indicating an ongoing need for affordable housing options. The racial composition of the neighborhood has remained predominantly Black, with slight increases in diversity over time.
This analysis highlights the substantial contribution of LIHTC-funded projects to Stateway Gardens' affordable housing landscape and their potential impact on the neighborhood's demographic trends.
