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Affordable Housing in Argenta: LIHTC's Long-standing 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
Argenta, Illinois, maintains a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consisting of 12 low-income units. These units represent approximately 2.4% of the city's estimated 504 housing units, based on the 2022 population of 1,315. The LIHTC program has provided $19,436 in project tax credits to Argenta, resulting in an average federal funding of $19,436 per project and $1,619.67 per unit.
The sole LIHTC-funded project in Argenta is the Country Place Apartments, completed in 1989. This project has been providing affordable housing options for over three decades. The development includes one one-bedroom unit and two two-bedroom units, with the remaining units unspecified.
Over the past decade, Argenta has experienced population fluctuations, with a peak of 1,570 residents in 2016 and a current population of 1,315 in 2022. The median income has remained relatively stable, ranging from about $68,000 to $73,000 during this period. Argenta has maintained a predominantly white population, consistently above 90% throughout the decade, with slight increases in Black, Hispanic, and multiracial populations.
Despite demographic changes, no new LIHTC projects have been developed in Argenta since 1989. This lack of development may be attributed to the relatively high median income and stable population, potentially indicating lower demand for additional affordable housing units.
Argenta's LIHTC-funded affordable housing inventory, consisting of a single project completed in 1989, provides 12 low-income units. While this covers only a small percentage of the estimated housing inventory, it has been a long-standing resource for affordable housing in the community. The city's stable median income and predominantly white population may have influenced the absence of additional LIHTC developments in recent years. However, the slight increase in diversity and population fluctuations could potentially impact future affordable housing needs in Argenta.
