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McHenry, Illinois: A Single LIHTC Project's Impact on 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
McHenry, Illinois, has a population of 25,716 as of 2022. The city has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 99 units, of which 79 are low-income units. This LIHTC-funded affordable housing represents approximately 1% of the city's estimated 9,853 housing units.
The LIHTC program has allocated $355,837 in tax credits for affordable housing in McHenry. This equates to $355,837 per project and $3,594 per unit on average. McHenry's LIHTC funding constitutes 0.04% of Illinois' total state funding.
The single LIHTC-funded project in McHenry, "Living Springs Of Mchenry Slf," was completed in 2008. It comprises 46 efficiency units and 53 one-bedroom units, totaling 99 units. This configuration indicates a focus on housing for individuals or small households.
McHenry's population has remained relatively stable over the past decade, with minor fluctuations. The median income has increased from $73,364 in 2013 to $80,099 in 2022. This upward trend in income may suggest an increasing need for affordable housing options for lower-income residents.
The city's racial demographics have shown slight changes. The white population has consistently remained around 80-82% from 2013 to 2022. The Hispanic population has grown from 12% in 2013 to 17% in 2022. This gradual diversification may influence future affordable housing needs.
McHenry's LIHTC-funded affordable housing inventory consists of one project with 99 units, completed in 2008. This project contributes to the city's affordable housing stock but represents a small percentage of the total housing units. The city has received a modest amount of LIHTC funding, accounting for a small fraction of Illinois' total state funding. The demographic trends over the past decade indicate a stable population with increasing median income and a slight increase in racial diversity, particularly in the Hispanic population. These factors may influence future affordable housing needs and potential LIHTC project developments in McHenry.
