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Affordable Housing in Carol Stream: LIHTC Impact 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
Carol Stream, an Illinois village, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The LIHTC inventory in Carol Stream comprises 572 total units, with 502 designated as low-income units. This affordable housing represents approximately 3.45% of the city's estimated 16,574 housing units.
Carol Stream has received $2,069,500 in project tax credits through the LIHTC program. With three projects, this translates to an average of $689,833 per project. The average federal funding per unit is $3,618. Carol Stream's share of Illinois' total LIHTC funding is 0.26%, indicating a small but significant portion of the state's affordable housing investment.
The LIHTC-funded affordable housing in Carol Stream was developed between 2005 and 2007. The most productive year for affordable housing completion was 2005, with two projects: Autumn Ridge Apartments and Villagebrook Apartments. The most recent project, Covered Bridges, was completed in 2007.
The affordable housing inventory in Carol Stream includes a diverse mix of unit types. There are 211 one-bedroom units, 143 two-bedroom units, and 47 three-bedroom units. This distribution accommodates various household sizes, from individuals to small families.
Carol Stream's population has remained relatively stable over the past decade, with a slight decrease from 43,754 in 2019 to 43,257 in 2022. The median income has increased from $93,320 in 2019 to $95,690 in 2022. This rise in median income may suggest a reduced need for additional affordable housing in recent years.
The racial composition of Carol Stream has become more diverse over the last decade. The percentage of white residents decreased from 65% in 2013 to 55% in 2022, while the Asian population increased from 14% to 18%, and the Hispanic population grew from 14% to 16%. This demographic shift may influence future affordable housing needs and planning.
Carol Stream's LIHTC-funded affordable housing inventory, while covering a small percentage of the total housing stock, provides important low-income housing options for the community. The city's LIHTC projects were developed over a short period, primarily in the mid-2000s. The diverse unit mix caters to various household sizes. While the population has remained stable, increasing median incomes and growing diversity in the racial composition may influence future affordable housing needs. The LIHTC program has played a crucial role in providing affordable housing options in Carol Stream, contributing to the city's overall housing landscape.
