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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Forsyth, Illinois, maintains a small Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The village has a total of 8 affordable units, all of which are designated as low-income. Based on the 2022 population of 4,528 and an estimated housing inventory of 1,735 units, LIHTC-funded affordable housing comprises approximately 0.46% of the village's estimated housing stock.
Forsyth has received $377,197 in project tax credits from the LIHTC program for affordable housing. With one project, this translates to an average federal funding of $377,197 per project and $47,150 per unit. The village holds 0.05% of the total state LIHTC funding.
The sole LIHTC-funded project in Forsyth is Hickory Point Apartments, completed in 1995. This project marks the beginning of LIHTC-funded affordable housing in the village, with a history spanning nearly three decades.
The affordable housing units in Forsyth consist of 4 one-bedroom units and 4 two-bedroom units. This distribution indicates a focus on accommodating small families and individuals in need of affordable housing options.
Over the past decade, Forsyth has experienced fluctuations in its population, with a notable increase from 3,576 in 2019 to 4,528 in 2022. The median income has also shown an upward trend, rising from $89,008 in 2017 to $111,073 in 2022. This significant increase in median income may indicate a reduced need for additional affordable housing in recent years.
Regarding racial demographics, the village has maintained a predominantly white population, consistently above 80% throughout the decade. There has been a slight increase in diversity, with small but steady representations of Asian, Black, Hispanic, and multiracial residents.
Forsyth's LIHTC-funded affordable housing inventory, while small, has been a consistent part of the community since 1995. The single project, Hickory Point Apartments, provides a mix of one and two-bedroom units, catering to different household sizes. Despite the village's growing population and rising median income, the proportion of LIHTC-funded affordable housing remains relatively low compared to the estimated housing stock. The demographic trends, particularly the rising median income, may influence the perceived need for additional affordable housing projects in the future.