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Elgin's Two-Decade Journey in LIHTC-Funded Affordable Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Elgin, Illinois, a city with a manufacturing history, possesses a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's total LIHTC-funded units number 783, with 675 designated as low-income. Based on the 2022 population of 109,634 and an estimated 42,005 housing units, LIHTC-funded affordable housing comprises approximately 1.9% of Elgin's estimated housing inventory.
Elgin has received $7,674,476 in project tax credits through the LIHTC program. With 9 approximate projects, this equates to an average federal funding of $852,719 per project and $9,801 per unit. Elgin holds 0.95% of the total state LIHTC funding, indicating a substantial commitment to affordable housing within Illinois.
The city's LIHTC-funded affordable housing development spans from 1993 to 2014. The initial projects, Center City Place and Crystal Ball Townhomes, were completed in 1993, while the most recent project, Buena Vista Towers, was finished in 2014. The 2000s witnessed the most affordable housing development, with projects such as Fox River Horizon Senior Living Community (2002), Fox River Horizon II Senior Living Community (2004), and Buena Vista Apartments (2005) being completed.
The LIHTC-funded housing in Elgin offers a range of unit types. Of the 783 total units, there are 113 efficiencies, 294 one-bedroom units, 243 two-bedroom units, 60 three-bedroom units, and 10 four-bedroom units. This distribution accommodates various household sizes and needs within the low-income population.
Over the past decade, Elgin's population has remained relatively stable, fluctuating between 110,000 and 118,000 residents. The median income has increased from $59,703 in 2013 to $85,167 in 2022. This upward trend in income may indicate a changing economic landscape in the city.
Racial demographics have evolved. The Hispanic population has consistently been the largest minority group, comprising around 42-48% of the population between 2014 and 2022. The White population has decreased from 44% in 2014 to 40% in 2022, while the Asian population has grown from 6% to 7% during the same period.
Despite the rising median income, the consistent presence of a large Hispanic population and other minority groups suggests an ongoing need for affordable housing options in Elgin.
Elgin's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has utilized federal funding to create diverse housing options over two decades, with a focus on the 2000s. While the median income has increased, demographic shifts and a large minority population indicate a continued need for affordable housing. The LIHTC program has played a crucial role in addressing this need, providing 675 low-income units across various projects. As Elgin continues to evolve, maintaining and potentially expanding its affordable housing inventory will be important for ensuring housing accessibility for all residents.
