Loading Content...
Affordable Housing in Hanover Park: LIHTC's Impact on a Changing Illinois Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hanover Park in Illinois possesses a distinct LIHTC-funded affordable housing inventory. The city maintains 265 affordable units, of which 263 are designated as low-income. This affordable housing stock represents approximately 1.62% of the city's estimated 16,325 housing units.
Hanover Park has received $900,000 in project tax credits through the LIHTC program. With one approximate project, this equates to an average federal funding of $900,000 per project and $3,396 per unit. The city holds 0.11% of the total state LIHTC funding, indicating a relatively small portion of Illinois' affordable housing investments.
The Prairie Station Apartments, completed in 2007, stands as the notable LIHTC project in Hanover Park. This development marks the presence of LIHTC-funded affordable housing in the city for at least 15 years. The affordable housing inventory in Hanover Park comprises a diverse mix of unit types, including 3 efficiencies, 145 one-bedroom units, and 9 two-bedroom units. This distribution suggests a focus on accommodating smaller households or individuals.
Hanover Park has experienced demographic shifts over the past decade. The population has slightly declined from 44,424 in 2015 to 42,609 in 2022. Despite this decrease, the median income has increased from $76,912 in 2015 to $80,904 in 2022, suggesting a potential improvement in economic conditions for some residents.
Racial demographics have also evolved. The Hispanic population has remained relatively stable, comprising about 34-35% of the population. The Asian population has seen a slight increase from 16% in 2015 to 19% in 2022. Conversely, the white population has decreased from 42% to 37% during the same period. These changes indicate growing diversity in the community.
The absence of new LIHTC projects in the last decade, despite these demographic shifts, may be attributed to various factors, including changes in local housing policies, funding priorities, or a perception that the existing affordable housing stock is sufficient to meet current needs.
Hanover Park's LIHTC-funded affordable housing inventory, while modest in size, contributes to addressing the community's housing needs. The Prairie Station Apartments project, completed in 2007, represents a significant investment in affordable housing for the city. The diverse mix of unit types, with a predominance of one-bedroom units, reflects an effort to cater to various household sizes. The impact of demographic changes over the past decade on affordable housing demand and development remains complex and multifaceted.
