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Affordable Housing in University Village - Little Italy: A Decade of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
University Village - Little Italy, a neighborhood in Chicago, Illinois, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 270 total units in LIHTC funded projects, with 261 designated as low-income units. LIHTC funded affordable housing comprises approximately 4.5% of the neighborhood's estimated 6,050 housing units.
The LIHTC program has invested $15,779,203 in tax credits in this neighborhood. This equates to an average federal funding of $58,441 per unit in LIHTC funded projects. LIHTC funded affordable housing development in the neighborhood occurred from 2000 to 2008, indicating a decade of affordable housing growth.
The earliest LIHTC project, Barbara Jean Wright, was completed in 2000, while Roosevelt Square II, completed in 2008, marks the most recent project. The mid-2000s saw the most activity in affordable housing development, with projects such as Roosevelt Square I, Roosevelt Place, and Loomis Courts being completed between 2005 and 2007.
The LIHTC funded housing stock in University Village - Little Italy consists primarily of one-bedroom units (168) and two-bedroom units (58), with a small number of four-bedroom units (6). This distribution indicates a focus on accommodating smaller households and families.
The neighborhood's population has remained relatively stable over the past decade, decreasing slightly from 16,262 in 2016 to 15,790 in 2022. The median income has shown overall growth, increasing from $64,837 in 2016 to $69,502 in 2022. This rise in median income may suggest a reduced need for additional affordable housing in recent years.
Racial demographics have remained diverse but relatively stable. The White population decreased from 39% in 2016 to 33% in 2022, while the Asian population increased from 21% to 24%. The Black population remained consistent at around 27-29%, and the Hispanic population held steady at about 10%.
University Village - Little Italy's LIHTC funded affordable housing inventory represents a small but significant portion of its housing stock. The neighborhood experienced substantial investment in affordable housing during the 2000s, with a mix of unit sizes catering to diverse household needs. While there has been no new LIHTC development in recent years, the existing inventory continues to play a crucial role in providing affordable options. The stable population and increasing median income indicate a potentially evolving housing market, which may influence future affordable housing needs and development in the area.
