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Affordable Housing in Quincy, Illinois: LIHTC Program's Impact on Mississippi River City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Quincy, Illinois, established in 1825, has an inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city possesses 404 total units in LIHTC funded projects, with 403 designated as low-income units. This represents approximately 2.19% of the city's estimated housing stock of 18,446 units.
Quincy has received $3,380,598 in project tax credits through the LIHTC program. With approximately 6 projects, this averages $563,433 in federal funding per project, or $8,367 per unit. Quincy holds 0.42% of the total state LIHTC funding.
The city's LIHTC funded affordable housing development spans from 1996 to 2012, indicating a 16-year commitment to affordable housing. The 2010s saw the most activity, with two projects completed: Franklin Square Apts in 2011 and Timberline Terrace Senior Apts in 2012.
Quincy's LIHTC funded housing inventory includes 24 efficiencies, 167 one-bedroom units, 73 two-bedroom units, and 32 three-bedroom units. This distribution accommodates various household sizes and needs.
Quincy's population decreased from 49,536 in 2010 to 48,143 in 2022. Despite this decline, the median income increased from $50,835 in 2013 to $59,352 in 2022, suggesting improved economic conditions for some residents.
The racial composition of Quincy has remained relatively stable. The white population decreased from 91% in 2013 to 89% in 2022, while the Hispanic population grew from less than 1% to 2%. The black population remained at 5%, and the Asian population at 1%.
Quincy's LIHTC funded affordable housing inventory represents a consistent effort to provide low-income housing options. The city has used federal funding to create a range of unit types, addressing various housing needs. The slight population decline, increasing median income, and subtle shifts in racial demographics may influence future affordable housing needs and developments.
