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Affordable Housing in North Kenwood: LIHTC's Impact on a Changing Chicago Neighborhood
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 Kenwood, a neighborhood in Chicago, Illinois, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 390 total units, with 363 of these designated as low-income units. Based on the 2022 population of 5,239 and using the national average household size of 2.61, approximately 2,007 housing units are estimated in the neighborhood. The LIHTC funded affordable housing covers about 19.4% of the estimated housing inventory, which aligns with the target percentage for a balanced community.
The LIHTC program has invested $209,592 in project tax credits for North Kenwood's affordable housing initiatives. This translates to an average federal funding of about $537 per unit. The neighborhood has a history of LIHTC-funded affordable housing, with the first project, Ken Oak Assoc I, completed in 1987, and the most recent, Kensington Court, in 1995. This eight-year span represents a period of affordable housing development in the area.
The late 1980s and early 1990s saw the most affordable housing activity in North Kenwood. Notable projects from this period include Woodlake Village Apts and 4611 S Drexel Blvd, both completed in 1989 and 1990 respectively. The neighborhood's LIHTC-funded housing stock primarily consists of larger units, with 57 two-bedroom, 38 three-bedroom, and 14 four-bedroom units. There are also 4 one-bedroom units, catering to a range of household sizes and needs.
Over the past decade, North Kenwood has experienced demographic shifts. The population has increased from 4,294 in 2014 to 5,239 in 2022, indicating growing demand for housing. Median income rose from $59,756 in 2014 to $68,971 in 2022, suggesting improved economic conditions for some residents. However, this increase may also indicate a need for continued affordable housing options.
Racial demographics have also shifted, with the Black population decreasing from 88% in 2014 to 72% in 2022, while the White population increased from 7% to 12%. The Asian population grew from 1% to 5%, and the Hispanic population from 3% to 4%. These changes reflect increasing diversity in the neighborhood.
Despite these demographic changes, no new LIHTC projects have been recorded in the last decade. This could be due to various factors, including changes in funding priorities, zoning regulations, or a shift in housing needs.
North Kenwood's LIHTC-funded affordable housing inventory, developed primarily in the late 1980s and early 1990s, continues to play a role in meeting the neighborhood's housing needs. The 390 total units, with 363 designated as low-income, represent a portion of the estimated housing stock. The neighborhood has experienced population growth, income increases, and racial diversification over the past decade. While no new LIHTC projects have been recorded recently, the existing inventory continues to contribute to housing affordability in this evolving Chicago neighborhood.
