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Affordable Housing in North Center: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Center, a neighborhood in Chicago, Illinois, has 208 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 167 designated as low-income units. This represents approximately 2.74% of the estimated 7,594 housing units in the neighborhood. The LIHTC projects have received $1,790,952 in project tax credits, averaging $8,610 per unit in federal funding.
Two notable LIHTC projects in North Center, North Center Senior Apartments and Martha Washington, were completed in 2005. This indicates the presence of affordable housing in the area for at least 18 years. The LIHTC-funded housing inventory consists of 8 efficiencies, 174 one-bedroom units, and 26 two-bedroom units, suggesting a focus on smaller household sizes.
North Center's population has remained relatively stable, with a slight decrease from 19,889 in 2015 to 19,821 in 2022. However, the median income has increased significantly from $98,639 in 2015 to $133,638 in 2022, indicating a trend towards higher-income households. The racial distribution has maintained a predominantly white population, with a slight increase in diversity. The percentage of white residents decreased from 73% in 2015 to 76% in 2022, while the Asian population increased from 5% to 7%, and the Hispanic population decreased from 16% to 12%.
The absence of new LIHTC projects in the last decade may be related to the increasing median income and the relatively stable racial composition of the neighborhood. These factors might suggest a reduced need for additional low-income housing in recent years.
North Center's affordable housing landscape is characterized by two LIHTC projects completed in 2005, providing 208 units, of which 167 are designated as low-income. These projects represent a small but significant portion of the neighborhood's estimated housing inventory. The focus on smaller units aligns with the needs of smaller households or individuals. The neighborhood has experienced a substantial increase in median income over the past decade, while maintaining a stable population and experiencing a slight increase in diversity. The lack of new LIHTC projects in recent years may reflect the evolving socioeconomic characteristics of North Center.
