Loading Content...
Affordable Housing in New Boston, Illinois: LIHTC's Impact on a Shrinking City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
New Boston, Illinois, a small city with a population of 670 residents as of 2022, has a unique affordable housing landscape influenced by the Low-Income Housing Tax Credit (LIHTC) program. The city has one LIHTC-funded affordable housing project, New Boston Apts, completed in 2000, which offers 8 low-income units. This project accounts for approximately 3.1% of the city's estimated housing inventory of 257 units.
The LIHTC-funded affordable housing in New Boston received $53,203 in project tax credits, averaging $6,650 per unit in federal funding. This funding represents 0.01% of the total state allocation for affordable housing in Illinois. The New Boston Apts project provides a mix of unit sizes, including 2 one-bedroom units, 4 two-bedroom units, and 2 three-bedroom units, catering to various household needs within the low-income population.
Demographic trends over the past decade provide context for the city's affordable housing needs. New Boston has experienced a significant population decline, from 953 residents in 2013 to 670 in 2022. The median income has also fluctuated, decreasing from $52,194 in 2017 to $42,499 in 2022. These changes may influence the demand for affordable housing options in the future.
Racial demographics in New Boston have remained relatively stable, with the white population consistently representing over 90% of residents throughout the past decade. The city has seen a slight increase in diversity, with small percentages of Asian and multiracial residents reported in recent years.
In conclusion, New Boston's LIHTC-funded affordable housing project continues to provide a modest contribution to the city's overall housing inventory. Despite population decline and fluctuating median incomes, the existing affordable housing units help address the needs of low-income residents. As demographic trends evolve, ongoing assessment of affordable housing needs will be crucial for New Boston's future development strategies.
