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Cambridge, Illinois: Small Community's Journey in Affordable Housing Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Cambridge, Illinois, a small community with a population of 2,406 as of 2022, has implemented the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing. The city's LIHTC-funded inventory comprises 24 low-income units, representing approximately 2.6% of the estimated 922 total housing units in the city.
The LIHTC program in Cambridge has allocated $36,294 in project tax credits. With two projects, this equates to an average of $18,147 in federal funding per project, or $1,512 per unit. The affordable housing initiatives through LIHTC in the city began in 1992, with both known projects, Cambridge Apts - Cambridge and Cambridge Manor, completed that year.
The 1990s marked the most active period for affordable housing development in Cambridge, with both LIHTC projects completed during this decade. The housing inventory primarily consists of one-bedroom units (18) and two-bedroom units (6), with no efficiencies, three-bedroom, or four-bedroom units reported.
Cambridge's population has fluctuated over the past decade, reaching a peak of 2,661 in 2018 before declining to 2,406 by 2022. The median income has remained relatively stable, ranging from $62,391 to $68,146 during this period. The city's racial composition has been predominantly white, consistently around 94-95% of the population, with small percentages of other racial groups.
The absence of new LIHTC projects in the last decade, coupled with the demographic data, suggests a relatively stable community. The consistent median income and population trends may indicate that the existing affordable housing stock has been sufficient to meet the community's needs, or that other housing programs may be supplementing the LIHTC-funded units.
Cambridge's LIHTC-funded affordable housing inventory, while modest in size, has been a part of the community for three decades. The two projects, both completed in 1992, provide 24 low-income units, primarily consisting of one and two-bedroom apartments. This represents a small portion of the estimated housing stock. The demographic trends over the past decade show a relatively stable population and income level, which may influence the perceived need for additional LIHTC-funded developments in recent years.
