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Affordable Housing in Grayslake: A Single LIHTC Project's Impact on Suburban Illinois
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Grayslake in Illinois possesses a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The village has a total of 148 affordable units, all of which are designated as low-income units. This inventory is concentrated in a single project, providing a focused approach to affordable housing in the community.
Based on the estimated housing inventory of 8,652 units, the LIHTC funded affordable housing covers approximately 1.71% of the village's total housing stock. This percentage indicates that while LIHTC funded housing contributes to the affordable housing needs of Grayslake, it represents a small portion of the overall housing inventory.
Grayslake has received $845,892 in project tax credits from the LIHTC program. With one project, this translates to an average federal funding of $845,892 per project. The average federal funding per unit is $5,715, calculated by dividing the total tax credits by the 148 total units.
The village holds 0.1% of the total state LIHTC funding, indicating a relatively small share of Illinois' overall affordable housing investment through this program. The sole LIHTC funded project in Grayslake is the Library Lane Senior Residence, completed in 2002. This project has been providing affordable housing in the village for over two decades.
The Library Lane Senior Residence consists of 148 units, including 42 efficiencies, 105 one-bedroom units, and 1 two-bedroom unit. This unit distribution suggests a focus on smaller households, particularly aligned with the needs of senior residents.
Over the past decade, Grayslake has experienced slight fluctuations in population, with the 2022 population at 22,581. The median income has shown an overall increasing trend, rising from $93,375 in 2015 to $98,136 in 2022. This growth in median income might indicate a changing economic landscape in the village.
Racial demographics have also shifted. The white population has decreased from 75% in 2015 to 69% in 2022, while there have been increases in the Black population (from 2% to 8%) and those identifying as two or more races (from 2% to 6%). The Hispanic population has remained relatively stable at around 12-13%.
Despite these demographic changes, there have been no new LIHTC projects in the last decade. This could be due to various factors, including the rising median income or the availability of other affordable housing programs not captured in this data.
Grayslake's LIHTC funded affordable housing is concentrated in a single project, the Library Lane Senior Residence, which has been serving the community since 2002. While this project provides 148 low-income units, it represents a small percentage of the village's estimated housing stock. The village has experienced demographic shifts over the past decade, including increases in median income and racial diversity. These changes, coupled with the lack of new LIHTC projects, suggest a complex affordable housing landscape that may be influenced by various economic and social factors beyond the scope of the LIHTC program alone.
