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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Low-Income Housing Tax Credit (LIHTC) program has significantly influenced the affordable housing landscape in Chicago's Chinatown neighborhood. This area contains 146 affordable units, all categorized as low-income units. These LIHTC-funded units play a crucial role in addressing the neighborhood's affordable housing needs.
Based on the 2022 population of 2,847 and the national average household size of 2.61, Chinatown is estimated to have approximately 1,091 housing units. The 146 LIHTC-funded affordable units constitute about 13.4% of this estimated housing inventory, approaching the 15-20% target for a well-balanced community.
The LIHTC program has invested $470,548 in tax credits for affordable housing projects in Chinatown, averaging approximately $3,223 per unit in federal funding. The affordable housing inventory comprises 106 one-bedroom units, 28 two-bedroom units, and 12 three-bedroom units, offering diverse options for low-income residents.
Archer Courts Apts, completed in 2000, is the sole LIHTC project in Chinatown. This development has provided affordable housing in the neighborhood for over two decades, demonstrating a long-term commitment to addressing local housing needs.
Chinatown's population has remained relatively stable over the past decade, fluctuating between 2,847 and 3,302 residents. The median income has increased significantly, rising from $26,739 in 2018 to $45,308 in 2022. This upward income trend may impact future affordable housing demand.
Regarding racial demographics, Chinatown has maintained a predominantly Asian population, though there has been a slight decrease from 89% in 2018 to 78% in 2022. Concurrently, there has been a small increase in diversity, with slight growth in Black, Hispanic, and multi-racial populations. These demographic changes may influence future affordable housing needs and strategies in the neighborhood.
The LIHTC-funded affordable housing in Chinatown, represented by the Archer Courts Apts project, contributes significantly to the neighborhood's housing stock. With 146 low-income units, it covers approximately 13.4% of the estimated housing inventory. The project has served the community for over two decades, offering a mix of unit sizes. While the neighborhood has experienced population stability, the rising median income and subtle shifts in racial demographics may influence future affordable housing needs. Ongoing monitoring of these trends will be crucial for maintaining an adequate supply of affordable housing in Chinatown.