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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Oak Park, located in Illinois, is known for its diverse architecture and historical significance as the home of Frank Lloyd Wright. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consists of 51 low-income units. Based on the estimated housing inventory of 20,626 units, the LIHTC funded affordable housing covers approximately 0.25% of the city's housing stock.
Oak Park has received $1,504,000 in project tax credits from the LIHTC program for affordable housing. With one approximate project, this translates to an average federal funding of $1,504,000 per project and $29,490 per unit. The city holds 0.19% of the total state funding for LIHTC projects.
The Grove Apartments, completed in 2014, is the notable LIHTC project in Oak Park. This project marks the beginning of LIHTC-funded affordable housing in the city. The 2010s decade saw the most affordable housing project completion.
The LIHTC-funded affordable housing in Oak Park consists entirely of one-bedroom units, with all 51 units designated as low-income housing.
Over the last decade, Oak Park has experienced a slight population increase, growing from 51,424 in 2010 to 53,834 in 2022. The median income has also risen, from $98,979 in 2013 to $104,161 in 2022, indicating a generally affluent community.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 65% in 2013 to 60% in 2022. The Black population has decreased slightly from 21% to 19%, while the Hispanic population has increased from 6% to 9%. The Asian population has remained steady at around 5%.
The completion of the Grove Apartments in 2014 aligns with a period of population growth and increasing median income in Oak Park. This suggests that despite the overall affluence of the community, there was a recognized need for affordable housing options to maintain diversity and provide housing for lower-income residents.
Oak Park's LIHTC-funded affordable housing, while modest in scale, represents an effort to provide low-income housing options in an affluent community. The single project, completed in 2014, consists of 51 one-bedroom units, all designated for low-income residents. While the LIHTC-funded housing covers a small percentage of the city's estimated housing stock, it contributes to maintaining economic diversity in a city experiencing population growth and rising median incomes. The demographic trends over the past decade suggest a continuing need for affordable housing options to support a diverse community in Oak Park.