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Affordable Housing in Kenwood: A Long-term Commitment to LIHTC Projects
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Kenwood neighborhood in Chicago, Illinois, demonstrates a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 279 total units, with 173 designated as low-income units. Based on the 2022 population of 10,865 and using the national average household size, an estimated 4,163 housing units exist in Kenwood. The LIHTC funded affordable housing represents approximately 6.7% of the estimated housing inventory in the neighborhood.
LIHTC projects in Kenwood have received $1,721,616 in project tax credits, averaging approximately $6,170 per unit in federal funding. The neighborhood has maintained LIHTC projects over several decades, with the earliest project, "4915 S Drexel Apts," completed in 1993, and the most recent, "Greenwood Park Apartments," finished in 2019. This 26-year span indicates a long-term commitment to affordable housing in Kenwood.
The 1990s saw the completion of two LIHTC projects: "4915 S Drexel Apts" and "Kenwood Oakland Development Corp," both in 1993. The 2000s and 2010s each saw one project completion, with "Drexel Preservation" in 2007 and "Greenwood Park Apartments" in 2019. The LIHTC funded housing in Kenwood offers a range of unit types, including 85 one-bedroom units, 75 two-bedroom units, 46 three-bedroom units, and 16 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Kenwood's population has remained relatively stable over the past decade, with slight fluctuations. The median income has increased gradually, rising from $49,361 in 2013 to $62,844 in 2022. This upward trend in income may suggest a growing need for affordable housing options to maintain economic diversity in the neighborhood.
Racial demographics in Kenwood have experienced some shifts. The Black population has remained the majority, increasing slightly from 53% in 2013 to 57% in 2022. The White population has remained relatively stable at around 25-28%. The Asian population decreased slightly from 10% to 7% over the same period. These demographic changes may influence the need for culturally sensitive affordable housing options.
Kenwood's LIHTC funded affordable housing inventory represents a significant portion of the neighborhood's estimated housing stock. The long-term presence of LIHTC projects, spanning from 1993 to 2019, demonstrates an ongoing commitment to affordable housing in the area. The diverse range of unit types suggests an effort to accommodate various household sizes within the low-income population. While the neighborhood has seen a gradual increase in median income over the past decade, the continued development of LIHTC projects indicates a recognition of the persistent need for affordable housing options in Kenwood.
