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Affordable Housing in Gibson City, Illinois: A Three-Decade LIHTC Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Gibson City, Illinois, has a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 74 affordable units, all designated as low-income units. Based on the 2022 population estimate, these LIHTC-funded units represent approximately 5.04% of the city's estimated 1,467 housing units.
Gibson City has received $142,707 in project tax credits through the LIHTC program. With three approximate projects, this translates to an average federal funding of $47,569 per project and $1,928 per unit. The city holds 0.02% of the total state LIHTC funding.
The affordable housing presence in Gibson City spans from 1988 to 1994, indicating a six-year period of LIHTC development. The first project, Gibson City Apts, was built in 1988, while the last project, Gibson Gardens, was completed in 1994. The early 1990s saw the most affordable housing development activity in the city.
The LIHTC-funded housing inventory in Gibson City consists primarily of one-bedroom units, with 66 such units available. Additionally, there are 8 two-bedroom units. This distribution suggests a focus on housing for individuals or small families.
Over the past decade, Gibson City's population has remained relatively stable, fluctuating between 3,639 and 3,829 residents. The median income has shown variability, ranging from $43,603 in 2017 to $52,823 in 2021, before decreasing to $44,492 in 2022.
Regarding racial demographics, Gibson City has maintained a predominantly white population, though there has been a slight decrease from 97% in 2017 to 87% in 2022. During this period, there has been a small increase in Hispanic residents (from 0% to 6%) and those identifying as two or more races (from 0% to 6%).
No new LIHTC projects have been developed in Gibson City since 1994. This could be due to various factors, including changing housing needs, availability of other affordable housing programs, or shifts in local economic conditions.
Gibson City's LIHTC-funded affordable housing inventory provides 74 low-income units, primarily consisting of one-bedroom apartments. The city received $142,707 in tax credits for these projects, which were developed between 1988 and 1994. While the LIHTC projects cover about 5% of the estimated housing inventory, other affordable housing programs may supplement this coverage. The city has experienced minimal population growth and some income fluctuations over the past decade, with slight changes in racial demographics. These factors, along with potential changes in housing needs, may have influenced the lack of new LIHTC developments since 1994.
