Galena, Illinois, a city renowned for its 19th-century architecture, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprising 62 total units, with 25 designated as low-income units. This inventory represents approximately 3.65% of the city's estimated 1,700 housing units as of 2022. The LIHTC program in Galena has received $434,174 in project tax credits, averaging $217,087 per project and $7,003 per unit. Galena's share of the total state LIHTC funding is 0.05%, indicating a small but notable contribution to Illinois' affordable housing efforts.

The development of LIHTC-funded affordable housing in Galena spans from 1991 to 2003, with two projects completed during this period. The first project, Victoria Heights Galena, was completed in 1991, while the most recent, Prestwick Senior Community, was finished in 2003. This 12-year timeframe demonstrates Galena's sustained commitment to affordable housing development. The housing mix includes 28 one-bedroom units, 28 two-bedroom units, and 6 three-bedroom units, addressing diverse household needs.

Galena's population has shown a slight decline from 4,447 in 2010 to 4,436 in 2022. The median income has fluctuated, reaching a peak of $70,763 in 2016 before settling at $61,107 in 2022. These demographic changes may have influenced the demand for affordable housing in the city. The racial composition of Galena has remained predominantly white, with a minor increase in diversity. The Hispanic population has varied between 5% and 10% of the total population, while other racial groups have maintained relatively small percentages.