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Jerseyville, Illinois: LIHTC Investment in 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
Jerseyville, Illinois, a small city with a population of 10,514 as of 2022, has utilized the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing options. The city currently has 140 total units in LIHTC-funded projects, with 138 designated as low-income units. This represents approximately 3.5% of the city's estimated housing inventory of 4,028 units.
Jerseyville has received $2,678,829 in project tax credits through the LIHTC program. With six approximate projects, this translates to an average of $446,471 in federal funding per project, or about $19,134 per unit. The city holds 0.33% of Illinois' total LIHTC funding, indicating a small but significant contribution to the state's affordable housing efforts.
The city's involvement with LIHTC-funded housing began in 1987 with the Miller South Apartments and continued through 2011 with the completion of the Manor At Jerseyville Glen and Lexington Farms Subdivision. This 24-year span demonstrates a sustained commitment to affordable housing in the community. The 1980s saw the initiation of two LIHTC projects, while the 2000s and early 2010s saw increased activity with three projects completed between 2005 and 2011.
Jerseyville's affordable housing inventory consists of a mix of unit types, including 3 efficiencies, 65 one-bedroom units, 60 two-bedroom units, and 12 three-bedroom units. This diverse range caters to various household sizes and needs within the low-income community.
Over the past decade, Jerseyville's population has remained relatively stable, fluctuating between 10,400 and 10,922 residents. The median income has shown an upward trend, increasing from $50,517 in 2015 to $74,273 in 2022. This rise in median income could potentially impact the demand for affordable housing.
The racial composition of Jerseyville has remained predominantly white, consistently above 95% throughout the observed period. There has been a slight increase in diversity, with small increases in Hispanic, Asian, and multi-racial populations.
Jerseyville's LIHTC-funded affordable housing represents a small but important portion of the city's housing stock. The city has maintained a consistent presence of affordable housing projects over the past three decades, with a mix of unit types to accommodate various household needs. While the percentage of affordable housing units is lower than the ideal target of 15-20%, other housing programs may contribute to the overall affordable housing inventory. The rising median income and stable population suggest a potential shift in housing needs, which may influence future affordable housing developments in the city.
