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Columbia, Illinois: Limited LIHTC-Funded Affordable Housing Amidst Growth
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Columbia, Illinois, has a population of 14,263 as of 2022. The city has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 2 low-income units. Based on the estimated housing inventory of 5,465 units, the LIHTC-funded affordable housing comprises approximately 0.04% of the city's housing stock.
The LIHTC program has allocated $8,886 in tax credits for affordable housing in Columbia. With one project funded, this translates to an average federal funding of $8,886 per project and $4,443 per unit. The sole LIHTC-funded project in Columbia is Mccarron #2, completed in 1992. This project has been providing affordable housing options in the city for over three decades. The project consists of two three-bedroom units, catering to families or larger households in need of affordable housing.
Columbia has experienced steady population growth, increasing from 12,475 in 2013 to 14,263 in 2022. This growth of about 14% indicates a rising demand for housing in general. Median income in Columbia has also seen a significant increase, rising from $76,545 in 2013 to $105,605 in 2022, representing a 38% increase. This substantial growth in median income might suggest a decreasing need for affordable housing for some segments of the population. However, rising incomes can also lead to increased housing costs, potentially creating affordability challenges for lower-income residents.
The racial demographics of Columbia have remained relatively stable over the past decade, with the white population consistently representing about 94-96% of the total. There has been a slight increase in racial diversity, with the Hispanic population growing from 1% in 2013 to 2% in 2022.
Columbia's LIHTC-funded affordable housing inventory consists of a single project with two low-income units, completed in 1992. While this represents a small fraction of the city's estimated housing stock, other affordable housing programs may be contributing to the city's overall affordable housing inventory.
The city has experienced steady population growth and a significant increase in median income over the past decade. These demographic trends, coupled with the lack of recent LIHTC-funded projects, suggest that the city's affordable housing needs may have evolved since the initial project was completed in 1992. However, rising incomes and potential increases in housing costs could still create affordability challenges for some residents, underscoring the ongoing importance of affordable housing initiatives in Columbia.
