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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Champaign, Illinois, home to the University of Illinois at Urbana-Champaign, had a population of 89,245 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 704 total units, with 645 designated as low-income units. Based on the estimated housing inventory of 34,193 units, the LIHTC-funded affordable housing represents approximately 2.1% of the city's housing stock.
Champaign has received $3,621,205 in project tax credits through the LIHTC program. With approximately 7 projects, this translates to an average of $517,315 in federal funding per project. The average federal funding per unit is $5,144, considering the total of 704 units in LIHTC-funded projects.
Champaign holds 0.45% of the total state LIHTC funding, indicating a modest share of Illinois' affordable housing resources. The city's LIHTC-funded affordable housing history spans from 1992 to 2014, with the Gregory School Apartments being the first project and Eden Supportive Living being the most recent.
The 2000s saw the most affordable housing activity, with five projects completed during this decade. These include Town Center Apartments (2000), Oakwood Trace Townhomes (2002), Countrybrook Apartments (2005), Douglas Square Apartments (2006), and Round Barn Manor Preservation (2007).
The LIHTC-funded housing stock in Champaign offers a diverse range of unit types. Of the 704 total units, there are 104 efficiencies, 279 one-bedroom units, 199 two-bedroom units, 119 three-bedroom units, and 3 four-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Over the past decade, Champaign's population has grown steadily from 81,164 in 2010 to 89,245 in 2022, an increase of about 10%. The median income has also shown an upward trend, rising from $38,683 in 2013 to $56,148 in 2022. This economic growth may have influenced the demand for affordable housing.
The 2022 figures show a diverse population with 54% White, 19% Black, 14% Asian, 7% Hispanic, and 6% identifying as two or more races. This diversity underscores the importance of inclusive affordable housing options.
Champaign's LIHTC-funded affordable housing inventory, while modest in relation to the city's overall housing stock, provides essential housing options for low-income residents. The city has seen a consistent development of affordable housing projects over two decades, with a focus on diverse unit types to accommodate different household needs. As Champaign continues to grow in population and median income, ongoing attention to affordable housing development will be crucial to maintain a balanced and inclusive community.