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Affordable Housing in Farmersville, Illinois: LIHTC's Small but Long-standing Presence
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Farmersville in Illinois has a small presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The village has 2 total affordable units, all designated as low-income units. Based on the 2022 population of 776 and an estimated 297 housing units, the LIHTC-funded affordable housing covers approximately 0.67% of the city's estimated housing inventory.
The LIHTC program has provided $11,058 in project tax credits to Farmersville for affordable housing development. With one project in the village, this translates to an average federal funding of $11,058 per project and $5,529 per unit. The sole LIHTC-funded project in Farmersville is Zimmet Square Apts, completed in 1996. This project marked the beginning of LIHTC-funded affordable housing in the village and has been serving the community for over 25 years.
The affordable housing inventory in Farmersville consists of 2 units, with a breakdown of 1 one-bedroom unit and 1 two-bedroom unit. This distribution suggests a focus on accommodating small households or individuals.
Over the past decade, Farmersville has experienced some fluctuations in its population, with a general trend of slight decline from 819 in 2017 to 776 in 2022. The median income has shown a gradual increase, rising from $51,893 in 2017 to $59,339 in 2022, indicating a potential improvement in the overall economic conditions of the village.
The racial composition of Farmersville has undergone changes in recent years. The white population has decreased from 98% in 2017 to 79% in 2022, while the Hispanic population has increased from 1% to 16% during the same period. This shift in demographics may indicate changing housing needs within the community.
Despite these demographic changes, there have been no new LIHTC projects in the last decade. This could be due to various factors, including the small size of the village, limited resources, or potentially other affordable housing programs meeting the community's needs.
Farmersville has a modest LIHTC-funded affordable housing presence, with one project providing 2 low-income units. While this represents a small percentage of the village's estimated housing inventory, it has been serving the community for over two decades. The village has experienced some demographic shifts in recent years, including a slight population decline, increasing median income, and growing diversity. These changes may influence future affordable housing needs and potential LIHTC developments in Farmersville.
