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Affordable Housing in Lincoln, Illinois: A 25-Year LIHTC Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lincoln, Illinois, a city named after Abraham Lincoln before his presidency, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 103 total affordable units, all designated as low-income units. Based on an estimated 5,833 housing units in the city, LIHTC-funded affordable housing represents approximately 1.77% of Lincoln's housing inventory.
Lincoln has received $934,858 in project tax credits for affordable housing through the LIHTC program. With four projects, this translates to an average federal funding of $233,715 per project and $9,076 per unit. The city holds 0.12% of the total state LIHTC funding, indicating a small but significant contribution to Illinois' affordable housing efforts.
Affordable housing has been part of Lincoln's landscape for over three decades. The first LIHTC project, Lincoln Village Apartments, was completed in 1989. The most recent addition, Plowfield Square, was finished in 2014, demonstrating a continuous commitment to affordable housing development. The 1990s and 2000s each saw the completion of one project, while the 2010s brought the latest addition to the city's affordable housing stock.
The LIHTC-funded projects in Lincoln offer a range of unit types to accommodate various household sizes. The inventory includes 29 one-bedroom units, 47 two-bedroom units, and 27 three-bedroom units, providing options for individuals, small families, and larger households.
Over the past decade, Lincoln has experienced a gradual decline in population, from 16,158 in 2013 to 15,224 in 2022. Despite this trend, the median income has shown overall growth, increasing from $47,809 in 2013 to $57,945 in 2022. This rise in median income may suggest a reduced demand for affordable housing, potentially explaining the lack of new LIHTC projects since 2014.
The racial composition of Lincoln has remained relatively stable, with a predominantly white population (around 89-91% from 2013 to 2022). There has been a slight increase in diversity, with small growth in the Hispanic and Black populations. This demographic stability may have influenced the consistency in the affordable housing inventory.
Lincoln's LIHTC-funded affordable housing inventory, while modest in size, provides essential low-income units to the community. The city has maintained a consistent approach to affordable housing development over three decades, with projects strategically placed to meet evolving needs. Despite a slight population decline, rising median incomes suggest changing economic dynamics that may impact future affordable housing demands. The stable racial composition and gradual increase in diversity highlight the importance of maintaining and potentially expanding affordable housing options to ensure equitable access for all residents.
