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Affordable Housing in Oglesby, Illinois: LIHTC's Two-Decade Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Oglesby, Illinois, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program has produced 37 total units, with 36 designated as low-income units. Based on the 2022 population of 4,169 and an estimated housing inventory of 1,597 units, LIHTC-funded affordable housing represents approximately 2.3% of the city's estimated housing stock.
Oglesby has received $1,149,884 in project tax credits through the LIHTC program. With two projects, this equates to an average of $574,942 in federal funding per project. The average federal funding per unit is $31,078. Oglesby holds 0.14% of Illinois' total LIHTC funding.
The city's LIHTC-funded affordable housing development spans 13 years, with the first project, Highland Apts, completed in 1999, and the most recent, Oglesby Senior Housing Phase I, finished in 2012. This period represents the extent of affordable housing development in Oglesby through the LIHTC program.
The most recent affordable housing project completion in Oglesby occurred in 2012 with Oglesby Senior Housing Phase I. The housing inventory primarily consists of one-bedroom (22 units) and two-bedroom (15 units) apartments, accommodating various household sizes.
Over the past decade, Oglesby's population has experienced a slight decline, decreasing from 4,494 in 2014 to 4,169 in 2022. The median income has fluctuated, starting at $55,552 in 2014, decreasing to $51,524 in 2016, and rising to $59,616 in 2022. This income trend indicates a potential ongoing need for affordable housing options.
The racial composition of Oglesby has remained relatively stable, with the white population consistently representing the majority (approximately 90%). The Hispanic population has shown a slight increase from 5% in 2014 to 8% in 2022, while the Black population decreased from 5% to 0% during the same period.
Oglesby's LIHTC-funded affordable housing inventory provides 37 units to the community, covering about 2.3% of the estimated housing stock. The city has received over $1.1 million in tax credits, supporting two projects over a 13-year span. The housing stock primarily consists of one and two-bedroom units. Despite slight population decline, fluctuating median income levels suggest an ongoing need for affordable housing options in Oglesby.
