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Affordable Housing in Algonquin: LIHTC's Single Project Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Algonquin, an Illinois municipality, has a population of 32,450 as of 2022. The city has one Low-Income Housing Tax Credit (LIHTC) funded project, which provides 93 affordable housing units. All of these units are designated as low-income. Based on the estimated housing inventory of 12,433 units, the LIHTC-funded affordable housing comprises approximately 0.75% of the city's housing stock.
The LIHTC program has allocated $1,766,050 in tax credits for affordable housing in Algonquin. This single project represents an average federal funding of $1,766,050 per project, or approximately $18,989 per unit. Algonquin accounts for 0.22% of the total state LIHTC funding. The sole LIHTC-funded project, "The Residences Of Lake In The Hills," was completed in 2012 and has been providing affordable housing for about a decade.
The affordable housing inventory in Algonquin consists of 93 units, including 12 efficiencies, 61 one-bedroom units, and 2 two-bedroom units. This distribution indicates a focus on smaller household sizes in the affordable housing stock.
Algonquin's population has remained relatively stable over the past decade, fluctuating between 32,000 and 32,700 residents. The median income has increased from $110,068 in 2013 to $114,723 in 2022. This rise in median income may indicate a growing need for affordable housing options for lower-income residents.
The racial demographics of Algonquin have experienced some changes. The white population has decreased from 82% in 2013 to 78% in 2022. There has been a slight increase in diversity, with the Hispanic population growing from 8% to 11%, and the Asian population remaining stable at around 6-7%. The black population has also seen a small increase from 1% to 2%. These demographic shifts may influence future affordable housing needs and planning.
Algonquin's LIHTC-funded affordable housing inventory provides 93 low-income units to the community. The single project, completed in 2012, represents a significant investment in affordable housing for the city. With changing demographics and rising median income, continued monitoring of affordable housing needs will be crucial for ensuring housing accessibility for all residents. The current LIHTC inventory serves as a foundation for addressing affordable housing in Algonquin, though it represents a small portion of the overall housing stock.
