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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Romeoville, an Illinois village, possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprising 237 units, all categorized as low-income. This inventory constitutes approximately 1.21% of the city's estimated 19,568 housing units. The LIHTC program has provided $956,492 in project tax credits to Romeoville, averaging $478,246 per project or $4,036 per unit in federal funding. Romeoville's share represents 0.12% of Illinois' total LIHTC funding allocation.
The development of LIHTC-funded housing in Romeoville occurred between 1994 and 1998, with two projects completed during this period. The first, Romeoville Gardens, was finished in 1994, while the most recent, High Point Apartments, was completed in 1998. This four-year span marks the era of LIHTC-funded affordable housing development in the city. The inventory consists of 54 one-bedroom units and 183 two-bedroom units, indicating a focus on accommodating small families and individuals.
Romeoville's population has experienced steady growth over the past decade, increasing from 49,682 in 2013 to 51,073 in 2022. Concurrently, the median income has risen from $81,237 in 2013 to $90,843 in 2022, suggesting overall economic improvement. Racial demographics have shifted slightly, with the Hispanic population increasing from 29% to 33% and the white population decreasing from 52% to 47% between 2013 and 2022. The Black and Asian populations have remained relatively stable during this period.
Despite the absence of new LIHTC projects in the last decade, the rising median income might suggest a reduced need for additional low-income housing. However, the growing population could still indicate a potential demand for affordable housing options. The existing LIHTC-funded inventory continues to play a role in addressing affordable housing needs in Romeoville.
In summary, Romeoville's LIHTC-funded affordable housing inventory, while modest in size, provides 237 low-income units to the community. The projects, developed in the 1990s, represent a small but significant portion of the city's estimated housing stock. The city's demographic trends, including population growth and increasing median income, provide context for understanding the affordable housing landscape in Romeoville.