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Affordable Housing in Elwood: Two Decades of LIHTC 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
Elwood, Indiana, a city with a population of 11,072 as of 2022, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprising 82 total units, all of which are designated as low-income units. This inventory represents approximately 1.93% of the city's estimated housing stock of 4,242 units.
Elwood's LIHTC funded projects consist of two developments: Duck Creek Apts and Forest Glen Apts, completed in 2002 and 2003 respectively. These projects indicate that affordable housing has been present in the city for about two decades, with the early 2000s marking the most significant period of affordable housing development in Elwood.
The LIHTC funded housing inventory in Elwood includes 3 efficiencies, 18 one-bedroom units, 27 two-bedroom units, 4 three-bedroom units, and 12 four-bedroom units. This diverse range of unit sizes suggests an effort to accommodate various household compositions within the affordable housing stock.
Elwood's population has remained relatively stable over the past decade, decreasing slightly from 11,522 in 2013 to 11,072 in 2022. The median income has shown an upward trend, increasing from $43,930 in 2013 to $55,000 in 2022, indicating a potential improvement in overall economic conditions.
The racial composition of Elwood has remained predominantly white, with the percentage of white residents consistently above 90% throughout the past decade. There has been a slight increase in diversity, with small percentages of Hispanic residents (3-5%) and residents of two or more races (1-2%) in recent years.
No new LIHTC projects have been developed in Elwood since 2003. This suggests that the existing affordable housing stock may have been sufficient to meet the city's needs, or that other affordable housing programs may be supplementing the LIHTC inventory.
Elwood's LIHTC funded affordable housing inventory, while modest in size, provides 82 low-income units across two projects developed in the early 2000s. These units represent about 1.93% of the estimated housing stock. The city has experienced stable population levels and increasing median incomes over the past decade, which may have influenced the lack of new LIHTC developments. The existing affordable housing stock offers a range of unit sizes to accommodate various household needs. While the LIHTC program has played a role in providing affordable housing in Elwood, a comprehensive understanding of the city's affordable housing landscape would require information on other housing assistance programs and initiatives.
