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Affordable Housing in Lacon, Illinois: LIHTC's Long-term 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
Lacon, Illinois, a small city with historical roots in the 19th century, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 18 units, all designated as low-income. This inventory represents approximately 1.76% of the city's estimated 1,021 housing units.
The LIHTC program has provided $31,739 in tax credits for affordable housing in Lacon. With one project in the city, this equates to an average federal funding of $31,739 per project, or approximately $1,763 per unit. River Valley Apts, completed in 1994, is the sole LIHTC-funded project in Lacon, providing affordable housing options for nearly three decades.
The LIHTC-funded housing in Lacon consists of 16 one-bedroom units and 2 two-bedroom units, offering some variety in housing options for residents with different needs.
Demographic trends over the past decade reveal interesting patterns. Lacon's population has declined from 2,966 in 2013 to 2,664 in 2022. Despite this decrease, the median income has generally increased, rising from $58,107 in 2013 to $66,581 in 2022, suggesting a changing economic landscape in the city.
Racial demographics in Lacon have remained relatively stable, with a predominantly white population. However, there has been a small increase in diversity over the past decade. The percentage of white residents decreased slightly from 99% in 2013 to 96% in 2022, while small increases were observed in other racial categories, particularly in the Black and Hispanic populations.
In conclusion, Lacon's LIHTC-funded affordable housing, though modest in scale, has been a consistent presence in the community for nearly 30 years. The city's changing demographics, including a slight population decline and increasing median income, may influence future affordable housing needs. While the current LIHTC inventory covers a small percentage of the estimated housing stock, it continues to provide housing options for low-income residents in this small Illinois city.
