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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Fifth City, a neighborhood in Chicago, Illinois, has a substantial presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 155 total units, with 145 designated as low-income units. Based on the estimated housing inventory of 837 units, the LIHTC-funded affordable housing represents approximately 18.5% of the neighborhood's housing stock, aligning with the target percentage for affordable housing in a balanced community.
The LIHTC projects in Fifth City have received $1,497,383 in project tax credits, averaging about $9,660 per unit. This federal funding has been instrumental in developing affordable housing in the area. The neighborhood has seen LIHTC projects spanning nearly three decades, with the first project, "3502-08 W Van Buren," completed in 1989, and the most recent, "Harvest Homes," finished in 2016.
The 1990s saw the most affordable housing activity, with three projects completed during this decade: "3502-08 W Van Buren" (1989), "East Garfield Park II Lp" (1994), and "East Garfield Park Place" (1996). The inventory includes a mix of unit types, with 3 efficiencies, 21 one-bedroom units, 41 two-bedroom units, 77 three-bedroom units, and 4 four-bedroom units, catering to various family sizes and needs.
One notable project is the "Roentgen School (Switching Station)," completed in 2003, which specifically targets artists. This project demonstrates how LIHTC funding can be used to support specific community needs and populations.
Over the last decade, Fifth City has experienced demographic shifts. The population has remained relatively stable, fluctuating between 2,100 and 2,500 residents. The median income has shown some volatility but generally increased from $22,096 in 2014 to $25,464 in 2022, indicating a slight improvement in economic conditions.
The racial composition of the neighborhood has changed, with the Black population decreasing from 97% in 2013 to 80% in 2022. Concurrently, there has been an increase in diversity, with growth in the Hispanic population (from 1% to 4%) and the White population (from 2% to 9%). The proportion of residents identifying as two or more races has also increased from 0% to 7%.
These demographic shifts coincide with the completion of two LIHTC projects in the last decade: "Hope Manor Apts" in 2011 and "Harvest Homes" in 2016. The addition of these projects may have contributed to the neighborhood's changing demographics by providing new affordable housing options.
Fifth City's LIHTC-funded affordable housing inventory plays a significant role in meeting the neighborhood's housing needs, covering about 18.5% of the estimated housing stock. The neighborhood has benefited from LIHTC projects for nearly three decades, with a mix of unit types catering to diverse household sizes. The most recent projects coincide with demographic shifts, including slight increases in median income and growing racial diversity. These trends suggest that LIHTC investments have been responsive to the evolving needs of the community, contributing to its housing landscape and potentially influencing its demographic composition.