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Affordable Housing in Yorkville, Illinois: LIHTC Program's Impact on a Growing City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Yorkville, an Illinois city, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 320 total units, with 275 designated as low-income units. Based on the 2022 population of 29,577 and an estimated 11,332 housing units, LIHTC-funded affordable housing represents approximately 2.82% of the city's estimated housing inventory.
Yorkville has received $2,505,964 in LIHTC funding for affordable housing projects. With three projects, this translates to an average of $835,321 in federal funding per project. The average federal funding per unit is $7,831, considering the total of 320 units in LIHTC-funded projects. Yorkville holds 0.31% of the total state LIHTC funding.
The city's affordable housing development spans from 2005 to 2018. The first projects, "The Reserve At Fox River" and "Countryside Villages I (Yorkville)," were initiated in 2005, while the most recent, "Anthony Place Yorkville," was developed in 2018. The 2000s saw the most affordable housing development activity in Yorkville.
Yorkville's LIHTC-funded housing inventory consists of 169 one-bedroom units, 103 two-bedroom units, and 48 three-bedroom units. This mix caters to various household sizes and needs within the low-income population.
Over the past decade, Yorkville has experienced significant population growth, increasing from 23,660 in 2013 to 29,577 in 2022. This 25% population increase coincides with the development of new LIHTC projects, suggesting a growing need for affordable housing options.
The city's median income has risen from $92,212 in 2013 to $113,321 in 2022, representing a 22.9% increase. Despite this overall economic growth, the continued development of LIHTC projects indicates an ongoing need for affordable housing options for lower-income residents.
Racial demographics in Yorkville have shifted over the past decade. The white population decreased from 81% in 2013 to 73% in 2022, while Hispanic representation increased from 11% to 17%, and the Black population rose from 4% to 5%. This gradual diversification may influence the demand for varied affordable housing options.
Yorkville's LIHTC-funded affordable housing inventory addresses the city's housing needs, representing 2.82% of the estimated housing stock. The city has received over $2.5 million in LIHTC funding, supporting three projects that provide 320 units, including 275 low-income units. The development of these projects from 2005 to 2018 demonstrates a continued commitment to affordable housing. As Yorkville experiences population growth, rising median incomes, and increasing diversity, the LIHTC program remains an important tool in maintaining housing accessibility for lower-income residents.
