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Affordable Housing in Homan Square: LIHTC's Impact on Chicago Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Homan Square, a neighborhood in Chicago, Illinois, exhibits a substantial presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 379 total units, with 262 designated as low-income units. Based on the estimated housing inventory of 1,666 units, LIHTC funded affordable housing represents approximately 22.7% of the neighborhood's housing stock. This percentage indicates that LIHTC projects play a significant role in providing affordable housing options in Homan Square.
The LIHTC projects in Homan Square have received $1,671,777 in project tax credits, averaging about $4,411 per unit in federal funding. The neighborhood has experienced LIHTC-funded affordable housing development over a 16-year period, from 1995 to 2011. The initial projects, Westside Village Phase I and Homan Square I, were completed in 1995, while the most recent project, Independence Apts, was finished in 2011.
The 1990s witnessed the highest affordable housing activity, with five projects completed during this decade. Notable projects from this period include Homan Square IV Rental and Westside Village Phase IV, both completed in 1999. The LIHTC-funded housing in Homan Square offers a diverse range of unit types. Of the 379 total units, there are 132 one-bedroom units, 154 two-bedroom units, 74 three-bedroom units, and 1 four-bedroom unit. This distribution indicates a focus on accommodating various household sizes, with an emphasis on small to medium-sized families.
Over the past decade, Homan Square's population has remained relatively stable, fluctuating between 4,300 and 4,700 residents. The median income has shown a gradual increase, rising from $20,976 in 2013 to $25,555 in 2022. This 21.8% increase in median income over nine years indicates a slow but steady economic improvement in the neighborhood.
Regarding racial demographics, Homan Square has maintained a predominantly Black population, although there has been a slight decrease from 95% in 2013 to 88% in 2022. There has been a small increase in diversity, with slight growth in Hispanic and White populations, as well as those identifying as two or more races.
No new LIHTC projects have been recorded in Homan Square since 2011. This could be attributed to various factors, including changes in funding priorities, shifts in housing needs, or a focus on maintaining existing affordable housing stock rather than developing new projects.
Homan Square's LIHTC-funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, covering over 22% of the estimated housing stock. The neighborhood has benefited from a diverse range of affordable housing units, developed primarily in the 1990s and early 2000s. While no new LIHTC projects have been recorded in the past decade, the existing inventory continues to contribute to housing affordability in the area. The gradual increase in median income and slight changes in racial demographics over the past decade provide context for understanding the evolving housing needs of the community.
