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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Loop, a neighborhood in Chicago, Illinois, contains one Low-Income Housing Tax Credit (LIHTC) funded project. This project provides 312 units, with 63 designated as low-income units. The estimated housing inventory in The Loop is 6,055 units. LIHTC-funded affordable housing represents 5.2% of the total housing stock, with low-income units accounting for 1% of the estimated inventory.
The LIHTC program has invested $10 million in tax credits for affordable housing in The Loop. This equates to an average federal funding of $32,051 per unit for the 312 units in the LIHTC-funded project. The Randolph Tower City Apartments, completed in 2012, is the sole LIHTC project in The Loop. This project marks the introduction of LIHTC-funded affordable housing in the neighborhood.
The Randolph Tower City Apartments offers a variety of unit types. It includes 61 efficiencies, 207 one-bedroom units, and 44 two-bedroom units. This distribution indicates a focus on accommodating smaller households, which is consistent with the urban nature of The Loop.
The Loop has experienced significant demographic changes since the completion of the LIHTC project in 2012. The population has increased from 10,156 in 2012 to 15,804 in 2022, a 55.6% growth. This rapid population increase may indicate a rising demand for housing, including affordable options.
The median income in The Loop has fluctuated but remained high, increasing from $126,697 in 2013 to $134,089 in 2022. The high median income suggests that affordable housing options are essential for lower-income residents who might otherwise be unable to reside in the neighborhood.
Racial demographics in The Loop have shifted over the past decade. The white population has decreased from 63% in 2013 to 51% in 2022, while the Asian population has increased from 15% to 27%. The Hispanic population has grown from 7% to 12%. These changes indicate a trend towards greater diversity in the neighborhood, which may influence future affordable housing needs.
The Loop's LIHTC-funded affordable housing, though limited to one project, contributes to the neighborhood's housing diversity. The Randolph Tower City Apartments, completed in 2012, provides 312 units with a mix of efficiencies, one-bedroom, and two-bedroom apartments, addressing various household needs. While the LIHTC-funded units represent a small percentage of the estimated housing inventory, they serve an important role in maintaining some level of affordability in this high-income area. The neighborhood's rapid population growth, consistently high median income, and increasing racial diversity indicate an ongoing need for affordable housing options to ensure The Loop remains accessible to a diverse range of residents.