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Affordable Housing in Albany Park: LIHTC Impact on a Changing Chicago Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Albany Park, a neighborhood in Chicago, Illinois, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 154 units, all designated as low-income. This affordable housing stock constitutes approximately 0.77% of the estimated 19,951 housing units in the neighborhood, based on the 2022 population of 52,071 and the national average household size of 2.61.
The LIHTC program has invested in Albany Park, with project tax credits totaling $2,683,126. This equates to an average federal funding of about $17,423 per affordable unit. The neighborhood's LIHTC-funded affordable housing spans nearly three decades, with the first project completed in 1993 and the most recent finished in 2019.
The 2010s experienced the most activity in LIHTC-funded affordable housing development, with three out of four projects completed during this decade. These include projects finished in 2014, 2015, and 2019. Albany Park's LIHTC-funded housing stock offers various unit types, including efficiencies, one-bedroom, two-bedroom, three-bedroom, and four-bedroom units. This distribution indicates accommodation for various household sizes, with an emphasis on smaller households.
Over the past decade, Albany Park has undergone demographic shifts that may have influenced affordable housing needs. The population decreased from 57,420 in 2014 to 52,071 in 2022, a decline of about 9.3%. Despite this population decrease, the median income increased significantly from $54,379 in 2014 to $67,620 in 2022, a rise of approximately 24.3%.
The racial composition of Albany Park has also changed. The Hispanic population, while remaining the largest group, decreased from 58% in 2014 to 47% in 2022. The White population increased from 26% to 33% during the same period. The Asian population remained relatively stable, increasing slightly from 10% to 12%.
These demographic changes, particularly the rising median income and shifting racial composition, may have influenced the need for and development of affordable housing in the neighborhood. The completion of three LIHTC projects during this period suggests a continued effort to maintain affordable housing options amidst these changes.
Albany Park's LIHTC-funded affordable housing inventory represents a consistent effort to provide low-income housing options. The neighborhood has seen steady development of LIHTC projects over nearly three decades, with the most recent activity occurring in the 2010s. The diverse unit types available cater to various household sizes, reflecting the neighborhood's demographic makeup. While the population has decreased slightly, rising median incomes and changing racial composition underscore the ongoing importance of maintaining affordable housing options in this evolving Chicago neighborhood.
