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Affordable Housing in Monmouth, Illinois: LIHTC's Impact on a Small College Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Monmouth, Illinois, has a population of 10,143 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 72 total units, with 36 designated as low-income units. Based on the estimated housing inventory of 3,886 units, LIHTC-funded affordable housing represents approximately 1.85% of the city's housing stock.
Monmouth has received $85,323 in project tax credits through the LIHTC program. With two projects, this translates to an average of $42,661.50 in federal funding per project. When divided by the total number of units, it amounts to $1,185.04 per unit in federal funding. Monmouth holds 0.01% of Illinois' total LIHTC funding.
The city's LIHTC-funded affordable housing development spans from 2002 to 2011. The first project, Monmouth Manor, was completed in 2002, and the most recent, Monmouth Farms, was finished in 2011. The 2000s saw the most affordable housing development activity in Monmouth.
The affordable housing inventory in Monmouth includes various unit types. There are 16 one-bedroom units, 21 two-bedroom units, 27 three-bedroom units, and 8 four-bedroom units. There are no efficiency units in the LIHTC-funded projects.
Monmouth's population has decreased from 11,058 in 2015 to 10,143 in 2022. The median income has increased from $45,366 in 2015 to $55,435 in 2022. This increase in median income may partially explain the absence of new LIHTC projects in recent years.
Regarding racial demographics, Monmouth has experienced a gradual increase in diversity. The white population has decreased from 79% in 2015 to 73% in 2022, while the Hispanic population has grown from 13% to 16% during the same period. The Black population has increased from 3% to 6%.
Monmouth's LIHTC-funded affordable housing inventory provides a variety of unit types to meet diverse needs. The city has seen two LIHTC projects completed between 2002 and 2011, contributing to 1.85% of the estimated housing stock. Despite no recent LIHTC developments, the city has experienced rising median incomes and increasing diversity over the past decade. These demographic shifts may influence future affordable housing needs and development in Monmouth.
