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Affordable Housing in Chatham: LIHTC's Long-Term Impact on a Chicago Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Chatham, a neighborhood in Chicago, Illinois, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 90 total units in LIHTC-funded projects, with 9 of these designated as low-income units. Based on the 2022 population of 18,676 and using the national average household size, there are approximately 7,156 housing units in Chatham. The LIHTC-funded affordable housing comprises about 1.26% of the estimated housing inventory in the neighborhood.
The LIHTC program has invested significantly in Chatham, with project tax credits totaling $858,271. This equates to an average federal funding of approximately $9,536 per unit in LIHTC-funded projects. The neighborhood's LIHTC-funded affordable housing inventory consists of 25 efficiencies and 65 one-bedroom units, indicating a focus on smaller household sizes.
The sole LIHTC project in Chatham, "Senior Suites Chatham," was completed in 2005. This project has been providing affordable housing options in the neighborhood for over 15 years, demonstrating a long-term commitment to addressing housing needs in the area.
Over the past decade, Chatham's population has decreased slightly from 19,689 in 2013 to 18,676 in 2022. The median income has shown some fluctuation but overall growth, rising from $39,803 in 2013 to $40,034 in 2022. The racial composition of the neighborhood has remained predominantly Black, consistently above 95% throughout the decade, with a slight increase in Hispanic population from 0% in 2013 to 3% in 2022.
The stability in racial composition and the modest income growth suggest a continued need for affordable housing options in the neighborhood. However, the slight population decrease could indicate a reduced demand for new LIHTC projects in recent years.
Chatham's LIHTC-funded affordable housing inventory, while modest in comparison to the estimated total housing units, contributes to addressing the neighborhood's housing needs. The single project, Senior Suites Chatham, has been a long-standing contributor to the area's affordable housing stock since 2005. The focus on efficiencies and one-bedroom units aligns with the project's target population of seniors. Demographic trends show relative stability in the neighborhood. The slight population decrease and modest income growth suggest a complex housing landscape that may require ongoing assessment to determine future affordable housing needs.
