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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Goose Island, a neighborhood in Chicago, Illinois, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 488 total units, with 168 designated as low-income units. Based on the 2022 population of 5,382 and using the national average household size, approximately 2,062 housing units are estimated in the neighborhood. The LIHTC funded affordable housing covers about 23.7% of the estimated housing inventory, indicating a substantial contribution to the neighborhood's affordable housing needs.
The LIHTC projects in Goose Island have received $910,000 in project tax credits, averaging approximately $1,865 per unit in federal funding. The neighborhood has seen LIHTC projects since 2001, with the most recent project completed in 2008, suggesting a seven-year span of affordable housing development. The 2000s were the most active decade for LIHTC projects in Goose Island, with notable developments including Ntv1, North Town Village, and Ntv2.
The affordable housing inventory in Goose Island is diverse, consisting of 205 one-bedroom units, 152 two-bedroom units, 52 three-bedroom units, and 16 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, from individuals to larger families.
Over the past decade, Goose Island has experienced significant population growth, increasing from 4,247 in 2013 to 5,382 in 2022. The median income has remained relatively stable, fluctuating between $99,392 in 2013 and $110,810 in 2022. This suggests that despite the presence of affordable housing, the neighborhood has maintained a relatively high income level.
Racial demographics have shifted, with the white population increasing from 56% in 2013 to 69% in 2022. The Black population decreased from 23% to 10%, while the Hispanic population declined from 10% to 5%. The Asian population has remained relatively stable, hovering around 8-9%. These changes indicate a trend towards less diversity in the neighborhood over the past decade.
The lack of new LIHTC projects since 2008 might be attributed to the rising median income and the changing demographic composition of the neighborhood. As the area has become more affluent and less diverse, there may have been less perceived need for additional affordable housing development.
Goose Island's LIHTC funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, covering nearly a quarter of the estimated housing units. The projects, developed primarily in the early 2000s, offer a range of unit sizes to accommodate diverse household needs. While the neighborhood has seen population growth and maintained high median incomes over the past decade, the racial composition has become less diverse. These demographic shifts may have influenced the lack of new LIHTC developments since 2008, although the existing affordable housing continues to serve an important function in the community.