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Affordable Housing in Marquette Park: LIHTC's Impact on a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Marquette Park, a neighborhood in Chicago, Illinois, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 195 total units in LIHTC-funded projects, with 102 designated as low-income units. Based on the 2022 population of 31,186 and the national average household size of 2.61, the estimated housing units in the neighborhood are approximately 11,949. The LIHTC-funded affordable housing units constitute about 1.63% of this estimated housing inventory.
The LIHTC projects in Marquette Park have received $800,000 in project tax credits, averaging approximately $4,103 per unit in federal funding. The neighborhood has had LIHTC-funded affordable housing since at least 1997, with the completion of Lawn Terrace Apts. The most recent project, Senior Suites of Marquette Village, was completed in 2008, indicating over a decade of affordable housing presence in the area.
The 2000s experienced the most activity in LIHTC-funded affordable housing development in Marquette Park. The housing inventory includes 25 efficiencies, 159 one-bedroom units, and 11 two-bedroom units. This distribution suggests a focus on smaller households and potentially senior living arrangements.
Marquette Park's population has remained relatively stable over the past decade, with a slight increase from 29,684 in 2019 to 31,186 in 2022. The median income has shown a positive trend, rising from $40,947 in 2019 to $45,288 in 2022, representing a 10.6% increase. This increase could indicate improving economic conditions for residents.
The racial composition of Marquette Park has shifted noticeably. The Black population decreased from 48% in 2019 to 42% in 2022, while the Hispanic population increased from 46% to 51% during the same period. This demographic shift may influence future affordable housing needs and community services.
Despite the absence of new LIHTC projects in the last decade, the rising median income and changing racial composition suggest evolving housing needs in the neighborhood. The existing LIHTC-funded units continue to provide affordable housing options, but the changing demographics may necessitate reassessment of future affordable housing strategies.
Marquette Park's LIHTC-funded affordable housing inventory, while modest in proportion to the estimated total housing units, provides important low-income housing options. The neighborhood has seen LIHTC investment spanning over a decade, with a focus on smaller units. The changing demographics, including rising median income and shifts in racial composition, suggest a dynamic community that may require ongoing evaluation of its affordable housing needs. The existing LIHTC projects contribute to the neighborhood's affordable housing stock, and the evolving population characteristics may inform future housing policy and development decisions in Marquette Park.
