Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Gresham, a Chicago neighborhood, demonstrates a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 1,075 total units, with 1,042 designated as low-income units. Based on the 2022 population of 47,022 and an estimated 18,016 housing units, LIHTC funded affordable housing represents approximately 5.97% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $5,527,385 in project tax credits for affordable housing in Gresham. This equates to an average federal funding of $5,142 per unit. The neighborhood has experienced consistent development of affordable housing projects over time. The earliest recorded project, Stewart Court, was completed in 1993, while the most recent dated project, Senior Suites/Auburn-Gresham, was finished in 2007. This indicates at least 14 years of affordable housing development in the area.
The 2000s witnessed the most significant affordable housing development activity in Gresham. Notable projects from this decade include Stone Terrace (2002), Auburn Commons Apts (2003), Continental Plaza Apts (2006), and St Leo Residence (2006).
The LIHTC funded housing in Gresham offers a diverse range of unit types. Out of the 1,075 total units, there are 274 efficiencies, 316 one-bedroom units, 326 two-bedroom units, 155 three-bedroom units, and 4 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on smaller households.
Over the past decade, Gresham's population has shown some fluctuation but has remained relatively stable, decreasing slightly from 50,185 in 2013 to 47,022 in 2022. During this period, the median income has increased significantly, rising from $30,540 in 2013 to $44,304 in 2022, indicating an overall improvement in the economic conditions of the neighborhood.
The racial composition of Gresham has remained predominantly African American, with a slight decrease from 97% in 2013 to 93% in 2022. There has been a small increase in Hispanic population, growing from less than 1% in 2013 to 3% in 2022. The neighborhood has also seen a slight increase in racial diversity, with small percentages of white, Asian, and multiracial residents emerging over the decade.
Gresham's LIHTC funded affordable housing inventory represents a significant portion of the neighborhood's housing stock, covering nearly 6% of the estimated units. The neighborhood has benefited from consistent affordable housing development over at least 14 years, with the most activity occurring in the 2000s. The diverse range of unit types suggests an effort to accommodate various household sizes and needs. While the population has remained relatively stable over the past decade, the neighborhood has experienced notable income growth and slight increases in racial diversity. These demographic shifts, coupled with the existing LIHTC inventory, provide insights into the evolving housing needs of the Gresham community.