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Affordable Housing in Walton Hills: LIHTC's Impact on Moline Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Walton Hills, a neighborhood in Moline, Illinois, contains a significant amount of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood has 216 affordable units, all of which are designated as low-income units. This inventory plays a crucial role in addressing the community's housing needs.
Based on the 2022 population of 2,356 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 903 units. The LIHTC funded affordable housing comprises about 23.9% of this estimated housing stock, indicating a substantial contribution to the neighborhood's affordable housing needs.
The LIHTC program has invested $279,814 in tax credits for affordable housing projects in Walton Hills. This equates to an average federal funding of approximately $1,296 per unit, considering the total of 216 units in LIHTC funded projects.
The neighborhood's affordable housing landscape is characterized by a single notable project: Pheasant Ridge Apartments. Completed in 2005, this development marks the inception of LIHTC-funded affordable housing in Walton Hills and continues to be a significant component of the community's affordable housing stock.
Pheasant Ridge Apartments consists of 216 units, offering a mix of one-bedroom and two-bedroom apartments. Specifically, it provides 72 one-bedroom units and 144 two-bedroom units, accommodating diverse household sizes and needs within the low-income population.
Over the past decade, Walton Hills has experienced some demographic shifts. The population has remained relatively stable, with a slight decrease from 2,429 in 2015 to 2,356 in 2022. Median income has shown an overall upward trend, increasing from $49,679 in 2015 to $59,174 in 2022, despite some fluctuations.
Racial distribution in the neighborhood has remained predominantly white, with percentages ranging from 69% to 79% over the past decade. There has been a slight increase in diversity, with the Hispanic population growing from 8% in 2015 to 9% in 2022, and the Black population increasing from 7% to 9% in the same period.
The stability of the LIHTC housing stock, represented by Pheasant Ridge Apartments, suggests that it continues to meet a consistent need in the community, even as demographics have shifted slightly.
Walton Hills demonstrates a significant commitment to affordable housing through its LIHTC-funded project. The Pheasant Ridge Apartments, completed in 2005, provides 216 low-income units, covering nearly a quarter of the neighborhood's estimated housing stock. This substantial presence of affordable housing aligns well with the target percentage for a well-balanced community. The mix of one and two-bedroom units offers flexibility for different household sizes within the low-income population. While the neighborhood has experienced some demographic changes over the past decade, including a slight increase in median income and racial diversity, the consistent presence of LIHTC housing suggests an ongoing need for affordable options in Walton Hills.
