Kankakee, Illinois, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 359 units, all designated as low-income. This represents approximately 3.27% of the city's estimated 10,987 housing units. The city has received $1,465,451 in project tax credits through the LIHTC program, distributed across approximately 4 projects. This equates to an average of $366,363 in federal funding per project and $4,082 per unit. Kankakee's share of the total state LIHTC funding is 0.18%.

The LIHTC-funded affordable housing in Kankakee spans from 1995 to 2008. The first project, Revera Project, was completed in 1995, while the most recent, Riverwoods Apts, was finished in 2008. The 2000s saw the most activity, with two projects completed: Crestview Village Apts in 2006 and Riverwoods Apts in 2008. The inventory includes a diverse range of unit types: 4 efficiencies, 148 one-bedroom units, 139 two-bedroom units, and 41 three-bedroom units.

Kankakee's population has been declining, from 31,528 in 2015 to 28,675 in 2022. Despite this decrease, the median income has increased from $37,572 in 2015 to $46,935 in 2022. This rise in median income may partially explain the absence of new LIHTC projects in recent years.