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Affordable Housing in Round Lake Beach: LIHTC's Impact on a Changing Demographic Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Round Lake Beach, located in Illinois, has a population of 25,829 as of 2022. The city has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing a total of 94 affordable units, of which 84 are designated as low-income units. Based on the estimated housing inventory of 9,896 units, the LIHTC-funded affordable housing covers approximately 0.95% of the city's housing stock.
The LIHTC program has contributed $1,865,363 in tax credits to Round Lake Beach for affordable housing development. This represents 0.23% of the total LIHTC funding allocated to the state of Illinois. The single project, Oak Hill Supportive Living Facility, received an average of $1,865,363 in federal funding. On a per-unit basis, this translates to approximately $19,844 in federal funding per affordable unit.
Oak Hill Supportive Living Facility, completed in 2012, marks the beginning and current end point of LIHTC-funded affordable housing in Round Lake Beach. This project has been providing affordable housing options for over a decade.
The affordable housing inventory in Round Lake Beach consists of 47 efficiencies and 47 one-bedroom units. This distribution suggests a focus on housing for individuals or small households.
Over the past decade, Round Lake Beach has experienced a slight decline in population, from 26,925 in 2014 to 25,829 in 2022. Despite this decrease, the median income has shown a significant increase from $61,426 in 2014 to $80,984 in 2022, indicating an overall improvement in economic conditions for residents.
The racial composition of the city has seen some changes, with the Hispanic population increasing from 50% in 2014 to 53% in 2022. The white population has decreased from 44% to 39% during the same period, while the Black population has increased slightly from 2% to 5%. These demographic shifts may influence future affordable housing needs in the community.
Round Lake Beach has a single LIHTC-funded affordable housing project, Oak Hill Supportive Living Facility, which provides 94 units of affordable housing. This project, completed in 2012, represents a small but significant portion of the city's housing stock. The focus on efficiencies and one-bedroom units suggests an emphasis on housing for individuals or small households. While the city has experienced a slight population decline, rising median incomes and changing racial demographics may impact future affordable housing needs in the community.
