Loading Content...
Bloomington's LIHTC Program: Two Decades of Affordable Housing Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Bloomington, Illinois, a city known for its educational institutions and insurance industry, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The LIHTC program has contributed 1,018 total units, with 1,009 designated as low-income units. Based on an estimated 30,220 housing units in the city, LIHTC funded affordable housing comprises approximately 3.37% of the city's housing inventory.
Bloomington has received $4,350,029 in project tax credits through the LIHTC program. With approximately 11 projects, this translates to an average of $395,457 in federal funding per project. The average federal funding per unit is about $4,273. Bloomington holds 0.54% of Illinois' total LIHTC funding, indicating a contribution to the state's affordable housing efforts.
The city's involvement with LIHTC funded affordable housing began in 1993 with the Fox Hill Apartments and continued through 2013 with the completion of Phoenix Towers Apartments. This 20-year span demonstrates a long-term commitment to affordable housing in Bloomington. The 2000s saw the most affordable housing development, with projects like Turnberry Village, Mayors Manor, and Danbury Courts being completed during this decade.
Bloomington's LIHTC inventory includes a range of unit types. Out of the 1,018 total units, there are 26 efficiencies, 364 one-bedroom units, 375 two-bedroom units, and 181 three-bedroom units. This distribution suggests an effort to accommodate various household sizes and needs.
Over the past decade, Bloomington's population has remained relatively stable, fluctuating between 77,000 and 79,000 residents. The median income has shown an overall upward trend, rising from $60,652 in 2013 to $67,592 in 2022. This increase in median income may influence the ongoing need for affordable housing options.
As of 2022, Bloomington's racial demographics show a diverse community, with 70% White, 10% Black, 7% Hispanic, and 6% Asian residents. This diversity underscores the importance of providing equitable access to affordable housing across all demographic groups.
Bloomington's LIHTC funded affordable housing inventory represents a significant effort to address the city's housing needs. With over 1,000 units developed over two decades, the program has consistently contributed to the city's housing stock. The diverse range of unit types reflects an attempt to cater to various household sizes and needs. While the LIHTC funded units cover a small percentage of the city's estimated housing inventory, they play a role in providing affordable options. The city's demographic trends, including a stable population and increasing median income, may continue to shape the demand for affordable housing in the future.
