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Affordable Housing in Braidwood, Illinois: LIHTC Impact on a Small City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Braidwood, Illinois, has implemented Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 48 total units, with 26 designated as low-income units. This represents approximately 2.26% of the city's estimated 2,122 housing units.
Braidwood has received $176,728 in project tax credits through the LIHTC program. With two projects, this equates to an average of $88,364 in federal funding per project. The average federal funding per unit is $3,682. Braidwood accounts for 0.02% of Illinois' total LIHTC funding.
The city's affordable housing development spans from 1987 to 2006. The first LIHTC project, Braidwood Apts, was completed in 1987, and the most recent, Braidwood Senior Housing, in 2006. The LIHTC-funded housing stock primarily consists of one-bedroom units (36) and two-bedroom units (12), suggesting a focus on smaller households and potentially senior residents.
Braidwood's population has fluctuated slightly over the past decade, peaking at 5,855 in 2019 and settling at 5,538 in 2022. The median income has increased from $65,612 in 2013 to $71,870 in 2022. This income growth may partially explain the absence of new LIHTC projects in recent years.
Regarding racial demographics, Braidwood has maintained a predominantly white population, decreasing from 96% in 2013 to 89% in 2022. The Hispanic population has increased modestly from 3% in 2013 to 7% in 2022. The city has also experienced a small rise in residents identifying as two or more races, from 0% in 2013 to 3% in 2022.
Braidwood's LIHTC-funded affordable housing represents a small but significant portion of its housing inventory. The city's two LIHTC projects provide 48 units, with over half designated as low-income. The housing stock primarily consists of one and two-bedroom units. While the city has experienced slight population fluctuations and increasing median income over the past decade, there has been no recent LIHTC development. This analysis provides insight into Braidwood's affordable housing landscape and its relationship with demographic trends.
