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Affordable Housing in Bolingbrook: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Bolingbrook, an Illinois village, maintains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The village has 999 affordable housing units, of which 995 are designated as low-income. These LIHTC-funded units constitute approximately 3.45% of Bolingbrook's estimated total housing stock of 28,906 units. This percentage, while notable, falls below the ideal target of 15-20% affordable housing in a community.
The LIHTC program has provided Bolingbrook with $4,193,314 in project tax credits. This funding has supported approximately three projects, averaging $1,397,771 in federal funding per project. When calculated per unit, this equates to about $4,198 in federal funding. Bolingbrook's share of 0.52% of the total state LIHTC funding underscores its role in Illinois' affordable housing landscape.
Bolingbrook's LIHTC-funded affordable housing development occurred between 2005 and 2011. Amberton Apartments, completed in 2005, marked the beginning of this period, while McKenzie Falls, finished in 2011, represents the most recent project. This six-year span demonstrates Bolingbrook's sustained commitment to affordable housing development. All three LIHTC projects in Bolingbrook were completed during the 2000s.
The LIHTC-funded projects in Bolingbrook offer a diverse range of unit types. The inventory includes 139 efficiencies, 545 one-bedroom units, and 27 two-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially senior citizens.
Bolingbrook's population has remained relatively stable over the past decade, ranging between 72,000 and 75,000 residents. The median income has shown a marked increase, rising from $76,103 in 2013 to $91,928 in 2022. This upward trend in income may indicate a growing need for affordable housing options to maintain economic diversity within the community.
Recent racial demographics data reveals a diverse population in Bolingbrook. As of 2022, the racial composition was approximately 37% White, 28% Hispanic, 17% Black, and 15% Asian. This diversity underscores the importance of maintaining affordable housing options to support a mixed-income community.
In summary, Bolingbrook's LIHTC-funded affordable housing inventory provides an important foundation for addressing affordable housing needs in the community. The city has utilized federal funding to create nearly 1,000 affordable units, with a focus on smaller households. The significant rise in median income over the past decade, combined with the city's racial diversity, emphasizes the ongoing importance of affordable housing initiatives in maintaining an inclusive and economically diverse community.
