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Affordable Housing in Lebanon, Illinois: A Three-Decade LIHTC Presence
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
US Department of Housing and Urban Development (HUD): Low-Income Housing Tax Credit Properties (LIHTC)
Lebanon, Illinois, a small city with a population of 4,924 residents as of 2022, has a history of affordable housing through the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory consists of 27 total units, all of which are designated as low-income units. Based on the estimated housing inventory of 1,887 units, LIHTC-funded affordable housing accounts for approximately 1.43% of the city's housing stock.
Lebanon has received $35,323 in project tax credits from the LIHTC program for affordable housing. With two projects, this translates to an average federal funding of $17,661.50 per project. When divided by the total number of units, it results in an average federal funding of $1,308.26 per unit.
The city's LIHTC-funded affordable housing history spans from 1989 to 1992. The first project, Cherry Street Apts, was completed in 1989, while the most recent project, Lebanon Apts I, was finished in 1992. This indicates that affordable housing has been present in Lebanon for over three decades.
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The 1990s saw the most affordable housing activity, with both projects being completed during this decade. The inventory consists of 6 one-bedroom units, 18 two-bedroom units, and 3 three-bedroom units.
Over the past decade, Lebanon's population has shown steady growth, increasing from 3,697 in 2013 to 4,924 in 2022. The median income has fluctuated, with a notable increase from $62,335 in 2019 to $83,242 in 2021, before decreasing to $62,154 in 2022.
Regarding racial distribution, the city has maintained a predominantly white population, with percentages ranging from 72% to 83% over the past decade. The Black population has fluctuated between 12% and 24%, while other racial groups have maintained relatively small percentages.
Despite the population growth and income fluctuations, there have been no new LIHTC projects in the last decade. This could be due to various factors, including changes in housing needs, alternative affordable housing programs, or shifts in local housing policies.
Lebanon's LIHTC-funded affordable housing inventory, while small, has been a part of the city's housing landscape for over 30 years. The two projects, completed in the late 1980s and early 1990s, provide 27 low-income units, primarily consisting of two-bedroom apartments. While the city has experienced population growth and income fluctuations in recent years, there have been no new LIHTC projects. This analysis provides a snapshot of Lebanon's affordable housing situation, highlighting the long-standing presence of LIHTC-funded units and the need for ongoing assessment of affordable housing needs in the community.
