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Affordable Housing in Greenup, Illinois: A Study of LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Greenup, located in Illinois, has implemented the Low-Income Housing Tax Credit (LIHTC) program to develop affordable housing. The village has one LIHTC-funded project, which provides 4 affordable housing units, all designated as low-income units. This project represents approximately 0.39% of the estimated 1,029 housing units in Greenup.
The LIHTC program has allocated $5,845 in tax credits for affordable housing in Greenup. With one project funded, this amounts to $5,845 per project or approximately $1,461 per unit in federal funding. The sole LIHTC-funded project, Greenup Manor Apts, was completed in 1995 and has been providing affordable housing options for nearly three decades.
Greenup Manor Apts consists of 3 one-bedroom units and 1 two-bedroom unit, accommodating various household sizes and needs. This unit distribution indicates a focus on smaller households and individuals.
Demographic trends in Greenup over the past decade reveal notable patterns. The population has shown a general declining trend, decreasing from 2,862 in 2014 to 2,685 in 2022. Despite this population decrease, the median income has increased significantly, rising from $37,463 in 2014 to $54,580 in 2022. This increase in median income may impact the demand for affordable housing in the community.
Racial demographics in Greenup have remained stable, with the white population consistently comprising approximately 99% of the total population throughout the past decade. This racial homogeneity is a significant characteristic that may influence housing policies and needs in the area.
In conclusion, Greenup's LIHTC-funded affordable housing inventory, while modest in size, has maintained a consistent presence in the community for nearly 30 years. The single project, Greenup Manor Apts, provides a mix of unit types to serve different household needs. The village's demographic trends, including a slight population decline and significant median income growth, may influence future affordable housing needs and development strategies in the area.
