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Affordable Housing in Charleston, Illinois: LIHTC Program's Role in a University 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
Charleston, Illinois, a city hosting Eastern Illinois University, has 152 affordable housing units funded through the Low-Income Housing Tax Credit (LIHTC) program. Of these, 132 are designated as low-income units. The LIHTC-funded affordable housing represents approximately 1.87% of the city's estimated 8,143 housing units.
Charleston has received $2,046,262 in project tax credits for affordable housing through the LIHTC program. With four projects, this amounts to an average of $511,565 in federal funding per project. The average federal funding per unit is about $13,462. Charleston's LIHTC funding constitutes 0.25% of the total state funding for LIHTC projects in Illinois.
The city's involvement with LIHTC-funded affordable housing began in 1998 with the completion of Country View Estates and continued through 2011 with the construction of Heritage Woods of Charleston. This 13-year span indicates a sustained commitment to affordable housing development. The 2000s were the most active period for affordable housing projects, with two completions during this decade.
The LIHTC-funded projects in Charleston offer diverse housing options. The 152 total units comprise 28 efficiencies, 31 one-bedroom units, 39 two-bedroom units, and 18 three-bedroom units. This distribution accommodates various household sizes and needs within the community.
Charleston's population has declined gradually over the past decade, from 26,341 in 2014 to 21,254 in 2022. Despite this decrease, the median income has increased significantly, rising from $37,071 in 2014 to $51,049 in 2022. This trend suggests an improving economic situation for many residents, potentially reducing the demand for new affordable housing projects.
The racial composition of Charleston has remained relatively stable. The white population decreased slightly from 87% in 2014 to 85% in 2022. The Black population has remained steady at around 6-7%, while residents identifying as two or more races increased from 2% to 3%. These modest demographic shifts may influence future affordable housing needs and planning.
Charleston's LIHTC-funded affordable housing inventory represents a consistent effort to provide low-income housing options, despite being relatively small compared to the overall housing stock. The city has utilized over $2 million in tax credits to create 152 affordable units across four projects over a 13-year period. Despite a declining population, rising median incomes indicate changing economic dynamics that may impact future affordable housing needs. The stable racial composition suggests that the city's affordable housing strategies may need to continue focusing on serving a diverse population. As Charleston evolves, ongoing assessment of housing needs will be crucial to ensure appropriate affordable housing availability for its residents.
