The affordable housing units in Lake Villa consist of 4 one-bedroom units and 4 two-bedroom units. This distribution suggests a focus on accommodating smaller households and families.

Over the past decade, Lake Villa has experienced a slight decline in population, decreasing from 13,696 in 2015 to 12,162 in 2022. Despite this population decrease, the median income has shown an overall increase, rising from $87,467 in 2015 to $94,915 in 2022.

The racial composition of Lake Villa has become more diverse over the last decade. The percentage of white residents has decreased from 84% in 2015 to 72% in 2022. Conversely, there have been increases in the Hispanic population (from 9% to 16%), Asian population (from 3% to 5%), and Black population (from 1% to 4%).

These demographic shifts, particularly the increase in median income, may partially explain why no additional LIHTC projects have been developed in the city since 2003. However, the growing diversity and slight population decline could potentially indicate a need for reassessment of affordable housing requirements in the future.

Lake Villa's LIHTC-funded affordable housing inventory, while small, has been a consistent part of the community since 2003. The Lakewood Tower project provides 8 low-income units, evenly split between one-bedroom and two-bedroom apartments. While the city has experienced demographic changes, including increased diversity and higher median incomes, the affordable housing stock has remained stable. As the city continues to evolve, ongoing evaluation of affordable housing needs may be necessary to ensure adequate support for all residents.