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Affordable Housing in Melrose Park: LIHTC's Impact on a Changing Illinois Village
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Melrose Park, located in Illinois, has a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing landscape. The village has 109 total units in LIHTC-funded projects, with 98 designated as low-income units. Based on the 2022 population of 26,253 and an estimated 10,059 housing units, LIHTC-funded affordable housing comprises approximately 1.08% of the village's estimated housing inventory.
Melrose Park has received $891,435 in project tax credits through the LIHTC program. With one project, this translates to an average federal funding of $891,435 per project and $8,179 per unit. The village holds 0.11% of the total state LIHTC funding.
The sole LIHTC project in Melrose Park is the Victory Centre of Melrose, completed in 2003. This project has been providing affordable housing in the village for nearly two decades. The Victory Centre of Melrose comprises 109 total units, including 89 efficiencies and 2 two-bedroom units. This distribution suggests a focus on accommodating single residents or small households.
Over the last decade, Melrose Park has experienced slight fluctuations in population, with a peak of 27,328 in 2018 and a decrease to 26,253 by 2022. The median income has shown an overall increasing trend, rising from $54,466 in 2014 to $59,823 in 2022.
Racial demographics have shifted notably, with the Hispanic population increasing from 70% in 2013 to 78% in 2022. Conversely, the white population decreased from 23% to 17% during the same period. The Black and Asian populations have remained relatively stable at around 3-4% and 1% respectively.
Despite these demographic changes, no new LIHTC projects have been developed in the last decade. This could be due to various factors, including potential alternative affordable housing initiatives or changing priorities in urban development.
Melrose Park's LIHTC-funded affordable housing inventory, while modest in scale, has been a consistent presence since 2003. The Victory Centre of Melrose provides a significant number of efficiency units, potentially catering to the needs of single residents or small households. While demographic shifts have occurred, particularly in racial composition and median income, these changes have not corresponded with new LIHTC developments in recent years. This analysis provides a snapshot of LIHTC's role in Melrose Park's affordable housing landscape, acknowledging that other housing programs may also contribute to meeting the community's affordable housing needs.
