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Oak Forest, Illinois: LIHTC-Funded Affordable Housing in a Changing Demographic Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Oak Forest, Illinois, has a population of 26,580 as of 2022. The city has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 84 low-income units. Based on the estimated housing inventory of 10,184 units, the LIHTC-funded affordable housing covers approximately 0.82% of the city's housing stock.
The LIHTC program has invested $796,312 in tax credits for affordable housing in Oak Forest. This translates to an average federal funding of $796,312 per project and $9,480 per unit. Oak Forest's LIHTC funding represents 0.1% of the total state funding for affordable housing in Illinois.
The sole LIHTC-funded project in Oak Forest is the Alden Horizon At Oak Forest Senior Living, completed in 2004. This project has been providing affordable housing in the city for nearly two decades. The project consists of 84 units, including 74 one-bedroom units and 1 two-bedroom unit.
Over the past decade, Oak Forest has experienced a gradual population decline, from 28,147 in 2014 to 26,580 in 2022. The median income has fluctuated but remained relatively stable, ranging from $80,291 to $85,790 during this period.
Racial demographics have shown some changes, with a decrease in the white population from 78% in 2014 to 70% in 2022. There has been an increase in Asian (1% to 5%), Black (5% to 7%), and Hispanic (13% to 15%) populations during this time.
Despite these demographic shifts, there have been no new LIHTC projects in Oak Forest since 2004. This could be due to various factors, including limited funding availability, changes in local housing needs, or the presence of other affordable housing programs not captured in this data.
Oak Forest's LIHTC-funded affordable housing inventory consists of one project providing 84 low-income units, primarily one-bedroom apartments. This project represents a small portion of the city's estimated housing stock. The city has experienced modest demographic changes in recent years, including a slight population decline and increased racial diversity. However, these changes have not resulted in new LIHTC-funded projects, suggesting that other factors may be influencing affordable housing development in the area.
