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Affordable Housing in Lombard: A Modest LIHTC Inventory Amidst Demographic Changes
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lombard, an Illinois suburban community, is known for its annual Lilac Festival and has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 40 total units, with 4 designated as low-income units. This represents approximately 0.2% of the city's estimated 19,717 housing units. The village has received $191,652 in project tax credits from the LIHTC program, which equates to an average federal funding of $191,652 per project and $4,791 per unit. Lombard holds 0.02% of the total state LIHTC funding.
The sole LIHTC project in Lombard is Finley Place Apts, completed in 2002. This project represents both the inception and current state of LIHTC-funded affordable housing in the city, covering a span of approximately 20 years. The project consists of 17 one-bedroom units, 17 two-bedroom units, and 6 three-bedroom units, indicating a focus on accommodating small to medium-sized households.
Lombard has experienced minimal population growth over the past decade, increasing from 51,087 in 2013 to 51,461 in 2022. The median income has risen from $82,654 in 2013 to $90,439 in 2022, suggesting overall economic improvement. Racial demographics have shifted, with the white population decreasing from 77% in 2013 to 67% in 2022, while Asian, Black, and Hispanic populations have increased, indicating growing diversity in the community.
Despite these demographic changes, there has not been an increase in LIHTC-funded projects since 2002. This lack of growth in LIHTC projects may be attributed to the rising median income, which could have reduced the perceived need for additional low-income housing, or the presence of other affordable housing programs not captured in this data.
In summary, Lombard's LIHTC-funded affordable housing inventory is limited to one project completed in 2002, providing 40 units with 4 designated as low-income. The city has experienced moderate demographic shifts and income growth over the past decade, but there has not been a corresponding increase in LIHTC-funded housing. The existing project represents a small fraction of the city's estimated housing stock, suggesting that other factors or programs may be addressing affordable housing needs in the community.
