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Affordable Housing in Chicago's South Loop: LIHTC Impact on Neighborhood Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The South Loop neighborhood in Chicago, Illinois, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. As of 2022, the neighborhood had a population of 50,113 and an estimated 19,200 housing units. The LIHTC program has funded a total of 2,344 units in the area, with 1,934 of these designated as low-income units. This represents approximately 12.2% of the neighborhood's estimated housing inventory as LIHTC-funded affordable housing units.
The LIHTC projects in South Loop have received $5,181,680 in tax credits, averaging about $2,210 per unit in federal funding. The neighborhood has seen consistent development of affordable housing over the years, with projects dating from 1996 to 2006. The earliest LIHTC-funded developments in the area were Jade Gardens Apartments and Senior Suites of Central Station, both completed in 1996. The most recent project, 1251 S Michigan, was completed in 2006.
The 2000s saw the most significant affordable housing development activity in South Loop, with multiple projects completed during this period. Notable projects from this era include Hilliard Homes I (2004), South Loop Affordable Housing (2005), and FC Central Station Senior (2006). The LIHTC-funded housing inventory in South Loop offers a diverse range of unit types. Out of the 2,344 total units, there are 183 efficiencies, 1,293 one-bedroom units, 496 two-bedroom units, 149 three-bedroom units, and 25 four-bedroom units.
One project of note is the South Loop Apartments, completed in 2000, which targets individuals with special needs. This development likely provides specialized services or accommodations to support its residents' unique requirements.
Over the past decade, South Loop has experienced significant population growth, increasing from 37,398 in 2013 to 50,113 in 2022. During this period, the median income has also risen substantially, from $86,762 in 2013 to $108,514 in 2022. This growth in population and income may indicate an increased demand for housing in the area, including affordable options.
The racial composition of South Loop has remained relatively stable over the past decade, with a slight increase in the white population (from 46% in 2013 to 47% in 2022) and no change in the Black population (20% in both 2013 and 2022). The Asian population has seen a slight decrease (from 24% in 2013 to 21% in 2022), while the Hispanic population has increased modestly (from 6% in 2013 to 8% in 2022).
The South Loop neighborhood in Chicago has a significant LIHTC-funded affordable housing inventory, covering approximately 12.2% of its estimated housing units. The area has seen consistent development of affordable housing projects from 1996 to 2006, with a concentration of activity in the early 2000s. The LIHTC program has provided substantial funding for these projects, averaging $2,210 per unit. The neighborhood offers a diverse range of unit types to accommodate various household sizes and needs, including specialized housing for individuals with special needs. While the population and median income have grown significantly over the past decade, the racial composition has remained relatively stable, with slight increases in white and Hispanic populations.
