Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lake View, a neighborhood in Chicago, Illinois, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 449 total units, with 419 designated as low-income units. Based on the 2022 population of 57,634 and the national average household size of 2.61, the estimated number of housing units in the neighborhood is approximately 22,082. The LIHTC funded affordable housing represents about 2.03% of the estimated housing inventory in Lake View.
Lake View's LIHTC funded affordable housing projects span nearly two decades. The earliest recorded project, Belray Apts, was completed in 1996, while more recent developments like Buffett Place were finished in 2013. The 2000s saw the most activity in LIHTC funded affordable housing development, with projects such as Renaissance Saint Luke (2005), Greenview Place (2008), and Renaissance St Luke SLF (2009) being completed during this decade.
The LIHTC funded affordable housing inventory in Lake View consists of 380 efficiencies, 47 one-bedroom units, and 4 two-bedroom units. This distribution indicates a focus on accommodating single residents or small households.
Over the past decade, Lake View has experienced population growth, increasing from 54,808 in 2015 to 57,634 in 2022. The median income has risen from $112,669 in 2015 to $127,925 in 2022, indicating a trend of increasing affluence in the neighborhood.
Racial demographics in Lake View have shown gradual shifts. The white population has decreased from 81% in 2015 to 73% in 2022. The Hispanic population grew from 8% to 11% during this period. The Asian population remained relatively stable at around 6-7%, while the Black population increased from 3% to 5%.
Despite the overall increase in median income, the presence of LIHTC funded projects suggests a continued need for affordable housing options in Lake View. The most recent LIHTC project, Buffett Place, was completed in 2013, indicating that affordable housing development has continued even as the neighborhood's overall economic profile has improved.
Lake View's LIHTC funded affordable housing inventory provides important housing options for low-income residents. The neighborhood has seen steady development of LIHTC projects over nearly two decades, with a concentration of activity in the 2000s. The housing stock is predominantly composed of efficiency units, suggesting a focus on smaller households.
The neighborhood has experienced population growth and significant increases in median income over the past decade, while the racial composition has become slightly more diverse. These demographic shifts, coupled with the continued presence of LIHTC projects, underscore the ongoing importance of maintaining affordable housing options in Lake View, even as the overall economic profile of the neighborhood improves.