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Danville, Illinois: LIHTC Program's Impact on Affordable Housing Amidst Population Decline
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Danville, Illinois, has utilized the Low-Income Housing Tax Credit (LIHTC) program for affordable housing development. The city's LIHTC-funded affordable housing inventory comprises 303 total units, with 204 designated as low-income units. This represents approximately 2.3% of the city's estimated 13,234 housing units.
Danville has received $1,605,365 in project tax credits for affordable housing through the LIHTC program. With approximately 6 projects, this equates to an average of $267,561 in federal funding per project. The average federal funding per unit is $5,298, considering the total of 303 units in LIHTC-funded projects. Danville holds 0.2% of the total state LIHTC funding, indicating its contribution to affordable housing within Illinois.
The city's involvement with LIHTC-funded affordable housing spans nearly two decades, from the earliest project, Green Meadows, completed in 1987, to the most recent projects, New Holland Apts and Bowman Estates, both completed in 2005. The 2000s saw the most activity in affordable housing development, with four out of the six projects completed during this decade.
The LIHTC-funded housing inventory in Danville offers a range of unit types. The breakdown includes 15 efficiencies, 109 one-bedroom units, 101 two-bedroom units, and 33 three-bedroom units, catering to various household sizes and needs.
Over the last decade, Danville has experienced a population decline, from 37,662 in 2015 to 34,541 in 2022. Despite this decrease, the median income has shown an upward trend, rising from $38,990 in 2015 to $44,645 in 2022. This increase in median income might indicate a reduced need for additional affordable housing units in recent years.
The racial composition of Danville has remained relatively stable, with a slight decrease in the white population (from 63% in 2015 to 60% in 2022) and a marginal increase in the Hispanic population (from 5% to 8% in the same period). The black population has maintained a consistent presence at around 28-29% throughout this period.
Danville's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has leveraged federal funding to create a diverse range of affordable units, with the most active period of development occurring in the 2000s. While the population has decreased slightly over the past decade, rising median incomes suggest a potentially changing landscape for affordable housing needs. The stable racial composition indicates that the existing LIHTC projects continue to serve a diverse community. These insights provide a foundation for understanding Danville's affordable housing landscape and may inform future housing policy decisions.
