Loading Content...
Affordable Housing in Petersburg, Illinois: A Three-Decade Perspective
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Petersburg, Illinois, maintains a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city possesses 27 affordable housing units, with 10 classified as low-income. Based on the 2022 population of 3,747 and an estimated housing inventory of 1,436 units, LIHTC-funded affordable housing represents approximately 1.88% of the city's estimated housing stock.
Petersburg has received $826,284 in project tax credits from the LIHTC program. With three projects, this averages $275,428 per project. The average federal funding per unit is $30,603. Petersburg accounts for 0.1% of the total state LIHTC funding.
The initial LIHTC projects in Petersburg, Schland I and Schland II, were completed in 1988. The most recent project, County Estates, was finished in 2007. This indicates that affordable housing has been present in the city for at least 19 years. The 1980s witnessed the highest number of affordable housing project completions in Petersburg.
The LIHTC-funded housing inventory in Petersburg comprises 2 one-bedroom units, 20 two-bedroom units, 4 three-bedroom units, and 1 four-bedroom unit. This distribution indicates a focus on accommodating small to medium-sized families.
Petersburg's population has fluctuated over the last decade, increasing from 3,329 in 2018 to 3,747 in 2022. The median income has shown a significant upward trend, rising from $77,569 in 2018 to $86,411 in 2022. This increase in median income may partially explain the absence of new LIHTC projects in recent years.
The racial composition of Petersburg has remained relatively stable, with the white population consistently comprising 96-98% of the total. The Hispanic population has increased slightly from 1% to 2% over the past decade.
Petersburg's LIHTC-funded affordable housing inventory covers less than 2% of its estimated housing stock. The city has received over $800,000 in LIHTC funding, distributed across three projects built between 1988 and 2007. The housing units are primarily two-bedroom apartments, suggesting a focus on small families. Despite the lack of recent LIHTC developments, the city has experienced population growth and a significant increase in median income over the past decade. These demographic changes may influence future affordable housing needs and development in Petersburg.
