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Affordable Housing in Garfield Ridge: A Demographic Analysis of a Chicago Neighborhood's LIHTC Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Garfield Ridge, a neighborhood in Chicago, Illinois, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project provides 87 affordable housing units. Based on the 2022 population of 41,945 and an estimated 16,071 housing units, the LIHTC-funded affordable housing represents approximately 0.54% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $616,949 in tax credits for affordable housing in Garfield Ridge. This equates to an average federal funding of $7,091 per unit. The sole LIHTC project in the neighborhood, "Senior Suties Of Garfield Ridge," was completed in 2000, providing over two decades of affordable housing in the area.
This project focuses on providing housing for seniors, consisting of 44 efficiency units and 43 one-bedroom units. The unit distribution indicates a targeted approach to meet the needs of the elderly population, offering compact living spaces suitable for individuals or couples.
Over the past decade, Garfield Ridge has experienced demographic shifts. The population has grown from 40,063 in 2013 to 41,945 in 2022, indicating a steady increase in residents. Median income has also risen, from $73,254 in 2013 to $79,310 in 2022, suggesting improving economic conditions for some residents.
Racial demographics have shown notable changes. The Hispanic population has become the majority, increasing from 45% in 2013 to 58% in 2022. The white population has decreased from 50% to 37% during the same period. The Black and Asian populations have remained relatively stable at around 2-3% and 1-2% respectively.
Despite these demographic shifts, there have been no new LIHTC projects in the last decade. This could be due to various factors, including the neighborhood's rising median income, which might reduce the perceived need for additional low-income housing. However, other affordable housing programs not captured in this data might be addressing housing needs in the area.
Garfield Ridge's affordable housing landscape is characterized by a single LIHTC project focused on senior housing, completed in 2000. While this project provides 87 units, it represents a small fraction of the neighborhood's estimated housing inventory. The area has experienced population growth, increased median income, and significant shifts in racial demographics over the past decade, with the Hispanic population becoming the majority. Despite these changes, no new LIHTC projects have been developed in recent years, which could be influenced by the neighborhood's economic trends. A comprehensive understanding of Garfield Ridge's affordable housing situation would require consideration of other housing programs and local initiatives not captured in this LIHTC-focused analysis.
