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Mason City, Illinois: LIHTC-Funded Affordable Housing in a Small Midwestern Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mason City, Illinois, has a total of 18 affordable housing units funded through the Low-Income Housing Tax Credit (LIHTC) program. These units constitute approximately 1.58% of the estimated 1,138 housing units in the city, based on the 2022 population of 2,971 and the national average household size. All 18 units are designated as low-income units.
The city has received $34,196 in project tax credits through the LIHTC program. This funding is distributed across two projects, resulting in an average of $17,098 in federal funding per project. When considering the total number of units, the average federal funding per unit is $1,900.
The first LIHTC project in Mason City was completed in 1992, with the most recent project finished in 1998. This indicates that affordable housing has been present in the city for at least 30 years. The 1990s saw the most affordable housing development activity in Mason City.
The LIHTC-funded housing inventory in Mason City consists of 7 one-bedroom units and 2 two-bedroom units. This distribution suggests a focus on smaller households or individuals.
Over the past decade, Mason City's population has fluctuated, showing a slight decrease from 3,199 in 2010 to 2,971 in 2022. The median income has increased from $44,324 in 2013 to $60,111 in 2022. This upward trend in income might partially explain the lack of new LIHTC projects in recent years.
Regarding racial demographics, Mason City has remained predominantly white, with the white population consistently representing over 95% of the total population throughout the 2010s and early 2020s. There has been a slight increase in diversity in recent years, with small percentages of Asian, Black, Hispanic, and multiracial residents.
Mason City's LIHTC-funded affordable housing inventory provides 18 low-income units to the community. The city's affordable housing development through LIHTC was concentrated in the 1990s, with no new projects reported in recent years. The rising median income and relatively stable population might indicate changing housing needs in the community. While the LIHTC-funded units represent a small portion of the city's estimated housing stock, they contribute to addressing affordable housing needs in Mason City.
