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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Streamwood in Illinois possesses a distinct affordable housing landscape supported by the Low-Income Housing Tax Credit (LIHTC) program. The city contains 104 affordable housing units, all categorized as low-income units. These units play a significant role in addressing community housing needs. Utilizing the 2022 population of 45,554 and the national average household size of 2.61, an estimated 17,454 housing units exist in Streamwood. LIHTC-funded affordable housing units constitute approximately 0.6% of the estimated total housing inventory in the city. Streamwood has received $58,614 in project tax credits through the LIHTC program. With one project, this equates to an average federal funding of $58,614 per project and $563 per unit. The city holds 0.01% of the total state funding for LIHTC projects in Illinois.
The sole LIHTC-funded project in Streamwood is Victorian Park, completed in 1989. This project signifies the inception of LIHTC-supported affordable housing in the city and has provided low-income housing options for over three decades. Victorian Park comprises 104 units, consisting of 31 one-bedroom units and 73 two-bedroom units, accommodating various household sizes within the low-income population. Over the past decade, Streamwood has experienced minor fluctuations in its population, with the 2022 population at 45,554. The median income has increased from $81,532 in 2013 to $87,932 in 2022. This rise in median income may indicate a growing need for affordable housing options for lower-income residents who may face increased financial pressure. The racial demographics of Streamwood have shifted over the past decade. The Hispanic population has grown from 28% in 2013 to 34% in 2022, while the White population has decreased from 52% to 42% during the same period. The Asian and Black populations have also seen slight increases. These changes in racial composition may influence the demand for affordable housing and potentially necessitate culturally sensitive housing solutions. Streamwood's affordable housing landscape is characterized by a single LIHTC-funded project, Victorian Park, which has provided 104 low-income units since 1989. While this represents a small percentage of the city's estimated housing inventory, it has been a consistent source of affordable housing for over three decades. The city's changing demographics, including rising median income and increasing racial diversity, may influence future affordable housing needs. As Streamwood continues to evolve, ongoing assessment of affordable housing requirements will be crucial to ensure adequate housing options for all residents.