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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Mayfair, a neighborhood in Chicago, Illinois, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 194 total units, all designated as low-income units. This affordable housing stock addresses a portion of the community's housing needs.
Based on the 2022 population of 6,594 and an estimated 2,526 housing units, LIHTC funded affordable housing covers approximately 7.68% of the neighborhood's estimated housing inventory. This percentage indicates that LIHTC projects contribute to the affordable housing landscape in North Mayfair, though it does not reach the 15-20% range typically considered for a well-balanced community.
The LIHTC projects in North Mayfair have received $291,763 in tax credits. With 194 total units, this equates to an average federal funding of about $1,504 per unit. Affordable housing has been part of North Mayfair's landscape for over two decades. The first LIHTC project, Mayfair Commons Senior Building, was completed in 1997, while the most recent project, Mayfair Comons, was finished in 2018.
The 1990s and 2010s saw the most affordable housing projects completed in North Mayfair. The neighborhood's LIHTC inventory includes 22 efficiencies, 121 one-bedroom units, and 51 two-bedroom units. This distribution suggests a focus on housing for smaller households, potentially seniors or young professionals.
Over the past decade, North Mayfair has experienced demographic shifts. The population decreased from 8,050 in 2015 to 6,594 in 2022, a decline of about 18%. The median income showed an overall upward trend, rising from $81,195 in 2015 to $80,403 in 2022, with fluctuations in between.
The racial composition of the neighborhood remained relatively stable, with a slight increase in diversity. The white population decreased from 43% in 2015 to 43% in 2022, while the Asian population decreased from 27% to 23%. The Hispanic population increased slightly from 27% to 31% during the same period.
The completion of the Mayfair Comons project in 2018 aligns with a period of demographic change in the neighborhood. This project may have responded to the evolving housing needs of the community, particularly as the population was decreasing but income levels were generally rising.
North Mayfair's LIHTC funded affordable housing inventory addresses a significant portion of the neighborhood's housing needs, covering nearly 8% of the estimated housing stock. The two LIHTC projects, completed over two decades apart, demonstrate a long-term commitment to affordable housing in the area. The mix of unit types suggests a focus on diverse household sizes, potentially catering to seniors and smaller families. While the neighborhood has experienced population decline and income growth over the past decade, the completion of the most recent LIHTC project in 2018 indicates ongoing efforts to maintain affordable housing options in North Mayfair.