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Affordable Housing in Cragin: LIHTC's Impact on a Changing 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
Cragin, a neighborhood in Chicago, Illinois, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 70 total units, with 61 designated as low-income units. Based on the 2022 population of 36,512 and an estimated 13,989 housing units, LIHTC funded affordable housing represents approximately 0.5% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $1,150,000 in tax credits for affordable housing in Cragin. This equates to an average federal funding of about $16,429 per unit. The neighborhood's LIHTC funded project, Cicero And George Senior Housing, was completed in 2016, marking the beginning of LIHTC's presence in Cragin.
The housing inventory breakdown shows a predominance of one-bedroom units, with 64 out of the 70 total units. There are also 5 two-bedroom units and 1 efficiency unit. This distribution indicates a focus on housing for smaller households or individuals, aligning with the project's senior housing designation.
Over the past decade, Cragin's population has remained relatively stable, with a slight decrease from 38,042 in 2012 to 36,512 in 2022. The median income has increased significantly, rising from $44,674 in 2013 to $58,716 in 2022, indicating an overall improvement in economic conditions.
The racial composition of Cragin has remained predominantly Hispanic, with a slight decrease from 78% in 2015 to 75% in 2022. The white population has remained relatively stable at around 16-17% during this period, while there has been a small increase in the Asian and Black populations.
The completion of the Cicero And George Senior Housing project in 2016 coincides with a period of relative demographic stability in the neighborhood. The focus on senior housing may reflect an aging population or a specific need identified within the community.
Cragin's LIHTC funded affordable housing, while limited in scope, provides a targeted contribution to the neighborhood's housing needs, particularly for seniors. The single project completed in 2016 represents a modest but important step in addressing affordable housing in the area. The demographic trends over the past decade, including a stable population and increasing median income, suggest a neighborhood in transition. While the LIHTC funded units cover a small percentage of the estimated housing inventory, they play a crucial role in providing affordable options in a neighborhood that has seen economic growth.
