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Affordable Housing in Gridley, Illinois: A Modest LIHTC Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Gridley in Illinois maintains a small inventory of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The village has 23 total units in LIHTC-funded projects, with 19 units designated as low-income. Based on the 2022 population of 1,557 and using the national average household size, the estimated total housing inventory is approximately 597 units. LIHTC-funded affordable housing comprises about 3.9% of the estimated housing units in Gridley.
Gridley has received $23,356 in project tax credits through the LIHTC program. With two approximate projects, this averages to $11,678 per project in federal funding. When divided by the total units, it equates to about $1,015 per unit in federal funding. The first LIHTC project in Gridley, Greenwood Apts, was completed in 1993, while the most recent project, Gridley Manor Apts, was finished in 1996. This indicates that affordable housing through LIHTC has been present in the village for nearly three decades. The 1990s saw the most LIHTC activity in Gridley.
The LIHTC-funded housing in Gridley consists primarily of one-bedroom and two-bedroom units. Specifically, there is 1 one-bedroom unit and 2 two-bedroom units recorded in the inventory.
Over the past decade, Gridley has experienced some demographic shifts. The population decreased from 1,840 in 2015 to 1,557 in 2022. The median income has fluctuated, reaching $69,999 in 2021 before declining to $66,059 in 2022. Racial composition has remained relatively stable, with the white population consistently representing over 90% of residents. There has been a slight increase in diversity, with small increases in Black and Asian populations in recent years. The lack of new LIHTC projects in the last decade could be attributed to the relatively high median income and stable population, which might indicate less demand for additional low-income housing.
Gridley's LIHTC-funded affordable housing inventory provides 23 units of affordable housing, with 19 specifically designated for low-income residents. These units represent about 3.9% of the estimated housing stock. The LIHTC projects in Gridley were developed in the 1990s, with no new projects in recent years. This aligns with the village's demographic trends, including a slightly decreasing population and relatively high median income. While the racial composition remains predominantly white, there has been a slight increase in diversity in recent years. These factors combined may influence the current state and future needs of affordable housing in Gridley.
