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Affordable Housing in Back of the Yards: Limited LIHTC Inventory Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Back of the Yards, a neighborhood in Chicago, Illinois, historically associated with the meatpacking industry, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This inventory comprises 11 one-bedroom units, representing approximately 0.08% of the neighborhood's estimated 13,779 housing units. The LIHTC program has provided $845,652 in tax credits for affordable housing projects in Back of the Yards, averaging $76,877 per unit. The sole LIHTC funded project, Senior Suites of New City, was completed in 2003, indicating nearly two decades of LIHTC presence in the area.
The 11 LIHTC funded units in Back of the Yards are all one-bedroom apartments, suggesting a focus on housing for individuals or small households. The project name implies a potential target population of older adults, although specific demographic targeting is not confirmed in the data.
Over the past decade, Back of the Yards has experienced demographic changes. The population increased slightly from 35,818 in 2013 to 35,962 in 2022, a 0.4% increase. The median income rose from $28,598 in 2013 to $34,128 in 2022, representing a 19.3% increase.
Racial demographics in Back of the Yards have also shifted. The Hispanic population increased from 58% in 2013 to 73% in 2022, while the Black population decreased from 33% to 22%. The White and Asian populations remained relatively stable at approximately 4-5% and 1-2% respectively.
Despite these demographic changes, no new LIHTC funded affordable housing development has occurred in the neighborhood since 2003. This lack of development may be attributed to various factors, such as the use of alternative affordable housing programs or shifts in urban development priorities.
Back of the Yards' LIHTC funded affordable housing inventory is limited to 11 one-bedroom units in a single project completed in 2003, constituting a small fraction (0.08%) of the estimated housing stock. The neighborhood has undergone moderate demographic changes over the past decade, including a slight population increase, rising median income, and an increase in the Hispanic population. However, the absence of new LIHTC funded affordable housing development in recent years suggests that other factors may be influencing affordable housing provision in this area.
