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Affordable Housing in Edgewater Beach: LIHTC Investments and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Edgewater Beach, a neighborhood in Chicago, Illinois, has a substantial presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 1,480 units in LIHTC-funded projects, with 1,252 designated as low-income units. Based on the 2022 population of 30,377 and using the national average household size, the estimated number of housing units in the neighborhood is approximately 11,639. The LIHTC-funded affordable housing comprises about 12.7% of the estimated housing inventory, approaching the target percentage for a well-balanced community.
The LIHTC projects in Edgewater Beach have received $3,314,998 in tax credits, averaging about $2,240 per unit in federal funding. Affordable housing has been present in this neighborhood for several decades, with the earliest project, Edgewater Shores Apartments, completed in 1991, and the most recent known completion, Pomeroy Senior, in 2011. This represents a 20-year span of affordable housing development in the area.
The 1990s experienced the most significant affordable housing development activity, with projects such as Winthrop Terrace Apartments (1992), Coronado Apartments (1993), and Bryn Mawr/Belle Shore Apartments (1999) being completed. The neighborhood's LIHTC-funded housing stock primarily consists of smaller units, with 978 efficiencies and 346 one-bedroom units, indicating a focus on accommodating single individuals or small households.
Over the past decade, Edgewater Beach has undergone demographic shifts. The population has remained relatively stable, with a slight decrease from 31,609 in 2018 to 30,377 in 2022. The median income has increased notably, rising from $46,411 in 2018 to $50,654 in 2022, indicating improving economic conditions for residents.
Racial demographics have evolved, with a slight decrease in the white population from 51% in 2013 to 48% in 2022. The Asian population has grown from 15% to 18% during this period, while the Black population has remained stable at around 18-19%. The Hispanic population has shown a slight increase from 11% to 12%.
No new LIHTC projects have been recorded since 2011, despite these demographic changes. This may suggest that the existing affordable housing stock, combined with other potential affordable housing programs not captured in this data, is meeting the current needs of the community.
Edgewater Beach demonstrates a substantial investment in affordable housing through the LIHTC program, with projects spanning from 1991 to 2011. The neighborhood's affordable housing inventory, primarily consisting of efficiency and one-bedroom units, covers a significant portion of the estimated housing stock. While demographic trends show increasing median incomes and slight shifts in racial composition, the lack of recent LIHTC projects may indicate a current balance between affordable housing supply and demand. Ongoing monitoring of housing needs would be crucial to ensure continued alignment with the community's evolving demographics and economic conditions.
