Loading Content...
Affordable Housing in Round Lake, Illinois: LIHTC-Funded Inventory Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Round Lake in Illinois has 98 units of affordable housing supported by the Low-Income Housing Tax Credit (LIHTC) program. Of these, 17 are designated as low-income units. Based on the 2022 population of 17,919 and an estimated 6,866 housing units, LIHTC-funded affordable housing comprises approximately 1.43% of the city's estimated housing inventory.
Round Lake has received $395,597 in project tax credits through the LIHTC program. This translates to an average federal funding of $395,597 per project and $4,037 per unit. The city holds 0.05% of the total state LIHTC funding, indicating a small share of Illinois' affordable housing resources.
The sole LIHTC-funded project in Round Lake is Rosewood Apartments, completed in 2005. This 98-unit development has been providing affordable housing for over 15 years. It consists of 73 one-bedroom units, 8 two-bedroom units, and 17 three-bedroom units, offering housing options for different household sizes.
From 2015 to 2022, Round Lake experienced moderate population growth, increasing from 17,352 to 17,919. The median income rose significantly during this period, from $73,938 to $88,392, suggesting an improvement in economic conditions.
The racial composition of Round Lake has shown some changes. The white population decreased from 56% in 2015 to 52% in 2022, while the Asian population increased from 7% to 12%. The Hispanic population remained relatively constant at 28-30% of the population.
Despite demographic changes and rising median income, no new LIHTC projects have been developed in Round Lake in the last decade. This could be due to various factors, including changes in local housing policies, funding priorities, or a shift in the perceived need for affordable housing given the improving economic conditions.
Round Lake's affordable housing landscape is characterized by a single LIHTC-funded project, Rosewood Apartments, providing 98 units since 2005. This represents a small portion of the city's estimated housing inventory. The city has experienced moderate population growth, significant income increases, and slight shifts in racial composition over the past decade. The lack of new LIHTC projects suggests a potential need for reassessment of affordable housing needs in light of the city's evolving demographics and economic landscape.
