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Affordable Housing in Chicago's Kelvin Park: LIHTC Project for Seniors
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Kelvin Park, a neighborhood in Chicago, Illinois, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project provides 31 affordable units. Based on the 2022 population of 4,228 and the national average household size of 2.61, the estimated number of housing units in Kelvin Park is approximately 1,620. The LIHTC funded affordable housing represents about 1.91% of the estimated housing inventory in the neighborhood.
The LIHTC project in Kelvin Park received $783,824 in tax credits, resulting in an average federal funding of approximately $25,285 per unit. The project, named "Senior Suites Of Kelvyn Park," was completed in 2009, indicating over a decade of LIHTC program presence in the area. The development consists of 25 efficiency units and 6 one-bedroom units, suggesting a focus on smaller household sizes and senior residents.
Kelvin Park has experienced demographic changes over the past decade. The population decreased from 4,913 in 2012 to 4,228 in 2022, a decline of about 14%. Conversely, the median income increased significantly from $38,579 in 2013 to $51,946 in 2022, representing a growth of approximately 35%.
The racial composition of Kelvin Park has remained relatively stable. The Hispanic population, which constituted 83% of the total in 2013, slightly decreased to 82% by 2022. The White population experienced a minor decrease from 10% to 9%, while the Black population declined from 6% to 5%. The Asian population increased from 1% to 3% during this period.
Kelvin Park's affordable housing landscape is characterized by a single LIHTC project targeting seniors, completed in 2009. This project provides 31 affordable units, representing a small percentage of the estimated housing inventory in the neighborhood. The area has experienced a population decrease over the past decade, coupled with a significant increase in median income. Despite these changes, the racial composition has remained relatively stable, with a strong Hispanic majority. These demographic trends, particularly the rising median income, may influence future affordable housing needs and development in the neighborhood.
