Loading Content...
Affordable Housing in Lexington, Illinois: A Three-Decade Presence
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lexington, Illinois, a small city with a population of 2,633 as of 2022, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program consists of 12 total units, all of which are designated as low-income units. These units represent approximately 1.19% of the city's estimated housing stock of 1,009 units.
Lexington has received $9,459 in project tax credits from the LIHTC program for affordable housing. With one project, this translates to an average federal funding of $9,459 per project and $788.25 per unit. The city's LIHTC funded affordable housing history began in 1995 with the completion of Lexington Place Apartments, which remains the sole LIHTC development in the city. This project provided 12 two-bedroom units to the community, marking the 1990s as the decade with the most affordable housing development in Lexington.
Over the past decade, Lexington has experienced fluctuations in its population. From 2013 to 2022, the population initially decreased from 2,529 to 2,273 in 2019, before increasing to 2,633 in 2022. Despite these changes, no new LIHTC projects have been developed during this period.
The median income in Lexington has shown an overall upward trend, rising from $67,060 in 2013 to $79,330 in 2022, with some fluctuations in between. This increase in median income may suggest a reduced need for additional affordable housing units in recent years.
Regarding racial demographics, Lexington has maintained a predominantly white population, consistently above 96% throughout the past decade. There has been a slight increase in the Hispanic population, growing from 1% in 2013 to 3% in 2022, while other racial groups have remained relatively stable at very low percentages.
Lexington's LIHTC funded affordable housing inventory consists of a single project completed in 1995, providing 12 low-income units. This represents a small portion of the city's estimated housing stock. The city has experienced moderate population growth and increasing median income over the past decade, which may influence the demand for affordable housing. The racial composition has remained largely stable, with a slight increase in Hispanic residents. These demographic trends, coupled with the absence of new LIHTC projects in recent years, suggest that the city's affordable housing needs may have evolved since the initial project was completed.
