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Aurora's Affordable Housing: LIHTC Impact on Illinois' Second-Largest 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
Aurora, Illinois, the state's second-largest city, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 1,002 total units, with 768 designated as low-income units. This represents approximately 1.43% of the city's estimated 69,861 housing units. Aurora has received $6,005,152 in project tax credits through the LIHTC program, distributed across approximately 9 projects. The average federal funding per project is $667,239, and the average federal funding per unit is $5,993. Aurora's LIHTC funding accounts for 0.74% of the total state LIHTC funding.
The city's first LIHTC project was completed in 1997, with the most recent finished in 2019. This 22-year span indicates a sustained commitment to affordable housing development. The 1990s and early 2000s saw the most affordable housing activity, with projects such as Fox Pointe Apartments, YMCA Senior Living Center, and North Island Apartments being completed. Aurora's LIHTC-funded housing stock includes 29 efficiencies, 551 one-bedroom units, 332 two-bedroom units, and 81 three-bedroom units, suggesting a focus on smaller households and potentially senior citizens.
Aurora's population has fluctuated over the past decade, reaching 206,389 in 2018 before declining to 182,336 in 2022. Despite this recent decrease, the median income has consistently increased from $60,809 in 2013 to $84,578 in 2022. This rise in median income may partly explain the absence of new LIHTC projects since 2019, as residents' overall economic situation may have improved.
The racial composition of Aurora has remained relatively stable from 2013 to 2022. The Asian population increased slightly from 9% to 12%, while the White population decreased from 37% to 32%. The Hispanic population has consistently been the largest demographic group, representing 43-45% of the population throughout this period.
Aurora's LIHTC-funded affordable housing inventory represents a significant investment in addressing low-income housing needs, despite covering a small percentage of the total estimated housing stock. The city has demonstrated consistent development of affordable housing projects over two decades, with various unit types catering to different household sizes. Recent years have shown a decrease in population, but rising median incomes suggest changing economic dynamics that may influence future affordable housing needs. The stable racial composition, with a large Hispanic population, emphasizes the importance of culturally sensitive housing solutions in Aurora's diverse community.
