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Affordable Housing in Peru, Illinois: A Three-Decade Journey with LIHTC
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Peru, Illinois, a city with a population of 10,227 as of 2022, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consisting of 17 total units, all designated as low-income units. Based on the estimated housing inventory of 3,918 units, the LIHTC-funded affordable housing covers approximately 0.43% of the city's housing stock.
Peru has received $1,045,531 in project tax credits through the LIHTC program. With approximately 5 projects, this translates to an average of $209,106 in federal funding per project. The average federal funding per unit is $61,502. Peru holds 0.13% of the total state LIHTC funding.
The city's affordable housing projects span from 1989 to 2008, indicating nearly two decades of LIHTC presence. The earliest projects, completed in 1989, include CJ Rentals, JD Rentals, and R&R Rentals. The most recent project, Peru Senior Housing Phase II, was completed in 2008. The 1980s saw the most affordable housing projects completed, with three projects in 1989.
The LIHTC-funded housing stock in Peru consists primarily of one-bedroom units (15) and two-bedroom units (2). This distribution suggests a focus on housing for smaller households or individuals.
Over the past decade, Peru's population has remained relatively stable, with a slight increase from 10,053 in 2019 to 10,227 in 2022. The median income has shown an upward trend, rising from $57,863 in 2019 to $59,272 in 2022. The racial composition has remained predominantly white, with a slight increase in diversity. The Hispanic population has decreased slightly from 9% in 2019 to 7% in 2022, while the Asian, Black, and multiracial populations have maintained small but consistent percentages.
Peru's LIHTC-funded affordable housing inventory, while modest in size, has been a consistent presence in the city for nearly two decades. The focus on one-bedroom units suggests an emphasis on housing for smaller households or individuals. Despite the lack of recent LIHTC projects, the city's stable population and increasing median income may indicate a reduced need for additional low-income housing. However, further analysis of other affordable housing programs and overall housing market conditions would be necessary to fully assess the city's affordable housing needs.
