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Affordable Housing in Paw Paw, Illinois: A Single LIHTC Project's 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
Paw Paw, located in Illinois, has a small but notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The village has one LIHTC project providing 12 low-income units, all designated as affordable housing. Based on the 2022 population of 1,081 and an estimated 414 housing units, the LIHTC funded affordable housing covers approximately 2.9% of the village's estimated housing inventory.
The Paw Paw LIHTC project received $14,125 in tax credits for affordable housing development. With one project in the village, this amounts to $14,125 per project and approximately $1,177 per unit in federal funding.
The sole LIHTC project in Paw Paw is Paw Paw Manor, completed in 1993. This project has been providing affordable housing in the community for nearly three decades. The 1990s marked the decade with the most affordable housing development in the village.
Paw Paw Manor consists of 12 units, comprising 4 one-bedroom and 8 two-bedroom apartments. This distribution suggests a focus on accommodating small families and individuals in need of affordable housing.
Over the past decade, Paw Paw has experienced slight fluctuations in population, with the 2022 population at 1,081. The median income has shown a general upward trend, reaching $55,535 in 2022. The racial composition of the village has remained predominantly white, with a slight increase in diversity in recent years.
Despite the absence of new LIHTC projects in the last decade, the existing affordable housing continues to serve the community. The stable population and increasing median income may suggest a reduced demand for additional low-income housing in recent years.
Paw Paw's LIHTC funded affordable housing inventory consists of one project, Paw Paw Manor, providing 12 low-income units. While this covers a small percentage of the village's estimated housing inventory, it has been a consistent source of affordable housing for nearly 30 years. The project's unit distribution caters to small families and individuals. The village's demographic trends, including a stable population and increasing median income, may explain the lack of recent LIHTC developments.
