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Affordable Housing in Hillsboro, Illinois: LIHTC Impact on a Small City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hillsboro, Illinois, maintains a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city possesses 44 affordable housing units, with 26 designated as low-income units. Based on the 2022 population of 7,831 and an estimated 3,000 housing units, LIHTC funded affordable housing comprises approximately 1.47% of the city's estimated housing inventory.
Hillsboro has received $215,011 in project tax credits from the LIHTC program. With two approximate projects, this equates to an average of $107,505.50 in federal funding per project. The total tax credits divided by the 44 total units results in an average of $4,886.61 in federal funding per unit. Hillsboro accounts for 0.03% of the total state LIHTC funding.
The city's LIHTC funded affordable housing development spans nearly a decade, with the first project, Hillsboro Heights, completed in 1994, and the most recent, Hillsboro Apts, finished in 2003. The 1990s witnessed the majority of affordable housing development in Hillsboro.
Hillsboro's affordable housing inventory consists of 6 one-bedroom units, 24 two-bedroom units, and 14 three-bedroom units. The LIHTC funded projects do not include any efficiency or four-bedroom units.
Over the past decade, Hillsboro's population has fluctuated, reaching a peak of 8,502 in 2021 before decreasing to 7,831 in 2022. The median income has demonstrated an overall upward trend, increasing from $46,106 in 2013 to $57,619 in 2022, with some fluctuations in between.
Regarding racial demographics, Hillsboro has remained predominantly white, with the white population percentage ranging from 81% to 92% between 2013 and 2022. However, there has been a significant increase in the Black population, rising from 1% in 2013 to 9% in 2022. The Hispanic population has remained relatively stable, fluctuating between 2-4% during this period.
Hillsboro's LIHTC funded affordable housing inventory provides 44 units to the community, with 26 specifically designated for low-income residents. The city has received over $215,000 in tax credits for these projects, which were developed between 1994 and 2003. The housing stock primarily consists of two and three-bedroom units, potentially accommodating small families or individuals. While the LIHTC funded affordable housing covers a small percentage of the city's estimated housing inventory, it is important to note that other affordable housing programs may also be contributing to meeting the community's needs.
