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Affordable Housing in Woodstock, Illinois: LIHTC Program Impact and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Woodstock, Illinois, a city with an estimated population of 28,316 as of 2022, has utilized the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing. The LIHTC program has funded a total of 212 units in Woodstock, with 59 units specifically designated as low-income. This represents approximately 1.95% of the city's estimated housing inventory of 10,849 units.
Woodstock has received $1,856,043 in project tax credits through the LIHTC program. With two projects, this averages to $928,021.50 in federal funding per project, or about $8,755 in federal funding per unit. The city's share of the total state LIHTC funding is 0.23%, indicating a relatively small portion of Illinois' overall affordable housing allocation.
Both LIHTC projects in Woodstock were completed in 2005, establishing the foundation for LIHTC-funded affordable housing in the city. These projects, Woodstock Commons and Woodstock Senior Apartments, have been present for over 15 years. The LIHTC-funded housing inventory in Woodstock consists of 72 one-bedroom units, 106 two-bedroom units, and 34 three-bedroom units, suggesting a focus on accommodating various household sizes.
Woodstock's population has shown modest growth over the past decade, increasing from 27,030 in 2010 to 28,316 in 2022. The median income has also risen, from $67,327 in 2013 to $74,619 in 2022, indicating overall economic improvement in the city.
The racial composition of Woodstock has remained relatively stable. The white population slightly decreased from 74% in 2013 to 72% in 2022. The Hispanic population has maintained a significant presence, comprising about 20-22% of the population throughout this period. There has been a slight increase in the Asian and multi-racial populations, each growing from 1% to 2% over the decade.
No new LIHTC projects have been built in Woodstock in the last decade. The demographic data suggests a relatively stable population with modest income growth. This may indicate that the existing affordable housing stock, combined with other potential housing programs not covered in this analysis, is meeting the current needs of the community.
Woodstock's LIHTC-funded affordable housing inventory, established in 2005, provides 212 units, with 59 specifically designated for low-income residents. This accounts for nearly 2% of the city's estimated housing stock. The city has received over $1.8 million in tax credits, averaging about $8,755 per unit. The modest population growth, income increases, and relatively stable racial composition suggest a need for ongoing monitoring of affordable housing needs in Woodstock to ensure they continue to meet the evolving demographics of the community.
