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Affordable Housing in Humboldt Park: A 25-Year LIHTC Legacy
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Humboldt Park, a neighborhood in Chicago, Illinois, contains a notable amount of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 327 total units, with 321 designated as low-income units. Based on the 2022 population of 38,088 and the national average household size of 2.61, the estimated housing inventory is approximately 14,593 units. The LIHTC funded affordable housing represents about 2.24% of the neighborhood's estimated housing stock.
The LIHTC program has invested $2,739,438 in tax credits for affordable housing projects in Humboldt Park. This equates to an average federal funding of $8,377 per unit. The neighborhood has experienced consistent development of affordable housing over several decades. The earliest LIHTC project, Victory Apts, was completed in 1988, while the most recent projects, Borinquen Bella L.P and Borinquen Bella, were finished in 2013. This 25-year span indicates a long-term commitment to affordable housing in the area.
The 1980s marked the beginning of LIHTC projects in Humboldt Park, with three developments completed during this decade. The 2000s were particularly active, with four projects completed, including Paseo Boricua Apts and Teresa Roldan/Paseo Boricua in 2005, and La Estancia Apts in 2007.
The LIHTC funded housing in Humboldt Park offers a range of unit types. Of the 327 total units, there are 73 efficiencies, 69 one-bedroom units, 71 two-bedroom units, 66 three-bedroom units, and 23 four-bedroom units. This mix accommodates various household sizes and needs within the low-income population.
Over the last decade, Humboldt Park has experienced demographic shifts. The population has fluctuated, reaching 40,487 in 2015 and decreasing to 38,088 by 2022. Median income has increased, rising from $45,379 in 2013 to $59,738 in 2022, indicating improving economic conditions for some residents.
Racial demographics have also changed. The Hispanic population has decreased from 50% in 2017 to 42% in 2022. The White population has increased from 25% to 30% during this period, while the Black population has remained relatively stable at around 22%. The Asian population has increased slightly from 1% to 3%.
No new LIHTC projects have been completed since 2013. This could be attributed to various factors, including the overall increase in median income or changes in housing policy and funding priorities.
Humboldt Park's LIHTC funded affordable housing inventory represents a small but significant portion of its estimated housing stock. The neighborhood has benefited from consistent LIHTC investment over 25 years, resulting in a diverse range of affordable units. While demographic shifts have occurred in recent years, including increases in median income and changes in racial composition, the existing LIHTC projects continue to provide affordable housing options for low-income residents. The lack of new LIHTC developments in the past decade may warrant further investigation into current affordable housing needs and strategies in Humboldt Park.
