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Affordable Housing in Pioneer Park: LIHTC's Impact on Springfield Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Pioneer Park neighborhood in Springfield, Illinois demonstrates a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 39 affordable units, all designated as low-income. Based on the 2022 population of 907 and utilizing the national average household size, the estimated housing inventory is approximately 348 units. LIHTC funded affordable housing comprises about 11.2% of the neighborhood's estimated housing inventory, significantly contributing to the area's affordable housing needs.
The LIHTC program has invested $347,894 in tax credits for affordable housing projects in Pioneer Park, averaging $8,920 per unit in federal funding. Affordable housing funded by LIHTC has been present in the neighborhood since 1991, with the completion of Union Baptist Plaza. The most recent project, Capitol Plaza, was completed in 2003, indicating over a decade of affordable housing presence in the area.
The 1990s and early 2000s were the most active periods for LIHTC funded affordable housing development in Pioneer Park. Union Baptist Plaza, completed in 1991, provides 24 units, while Capitol Plaza, completed in 2003, adds 15 units to the affordable housing inventory. The affordable housing units in Pioneer Park are predominantly one-bedroom and two-bedroom units. Of the 39 total units, 26 are one-bedroom units and 13 are two-bedroom units. This distribution suggests a focus on housing for smaller households or individuals.
Over the past decade, Pioneer Park has experienced demographic shifts. The population has decreased from 1,230 in 2017 to 907 in 2022. Median income has fluctuated, reaching a high of $29,016 in 2017 but decreasing to $17,383 in 2022. The racial composition has remained relatively stable, with a slight decrease in the Black population from 68% in 2017 to 60% in 2022, and a corresponding increase in the White population from 29% to 34%.
Despite these changes, no new LIHTC projects have been developed in the last decade. This could be due to various factors, including shifts in housing policy, changes in funding priorities, or potentially a stabilization of affordable housing needs in the area.
Pioneer Park's LIHTC funded affordable housing inventory plays a significant role in addressing the neighborhood's housing needs, covering over 11% of the estimated housing stock. The area has benefited from LIHTC investments since 1991, with two major projects contributing to a diverse mix of one and two-bedroom units. The existing LIHTC funded housing continues to serve as an important resource for low-income residents in the neighborhood, despite demographic shifts including population decrease and income fluctuations over the past decade.
