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Affordable Housing in North Chicago: LIHTC Program's Consistent Contribution
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 Chicago, Illinois, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 232 total units, with 229 designated as low-income units. This represents approximately 1.95% of the city's estimated 11,897 housing units. The city has received $548,692 in project tax credits through the LIHTC program, averaging $137,173 per project or $2,365 per unit. North Chicago holds 0.07% of the total state LIHTC funding.
LIHTC projects in North Chicago span from 1989 to 2006. The 1980s saw the most activity, with two projects completed in 1989. The LIHTC funded housing stock consists of 56 one-bedroom units, 127 two-bedroom units, 48 three-bedroom units, and 1 four-bedroom unit, accommodating various family sizes.
North Chicago's population has increased slightly from 29,992 in 2015 to 31,051 in 2022. The median income has risen from $45,416 in 2015 to $76,450 in 2022. This income increase may indicate a reduced need for additional affordable housing in recent years.
The city's racial composition has changed. The Hispanic population grew from 30% in 2015 to 36% in 2022, while the Black population decreased from 28% to 24%. The White population also decreased from 34% to 30%. These demographic shifts may influence future affordable housing needs and planning.
North Chicago's LIHTC funded affordable housing, while modest at 1.95% of the estimated housing stock, provides 229 low-income units. The city has utilized LIHTC funding effectively, with an average of $2,365 per unit. The housing stock is diverse, catering to different household sizes. No new LIHTC projects have been completed since 2006. The city's increasing median income and stable population suggest that the current affordable housing stock may be meeting immediate needs. Ongoing monitoring of demographic shifts and income trends will be crucial for future affordable housing planning in North Chicago.
