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Oakland's Affordable Housing Landscape: LIHTC Investment and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Oakland, a Chicago neighborhood, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 364 total units in LIHTC funded projects, with 325 designated as low-income units. Based on the 2022 population of 4,934 and the national average household size, the neighborhood has an estimated 1,890 housing units. LIHTC funded affordable housing comprises approximately 19.3% of the estimated housing inventory, aligning with targets for a balanced community.
The LIHTC program has invested $1,977,194 in tax credits in Oakland, averaging about $5,432 per unit in LIHTC funded projects. Affordable housing has been present in Oakland since 1994, with the most recent project completed in 2013, spanning nearly two decades of LIHTC investment. The 1990s experienced the most affordable housing development activity.
Oakland's LIHTC funded housing stock offers varied unit sizes: 94 one-bedroom, 141 two-bedroom, 96 three-bedroom, and 23 four-bedroom units. This diversity accommodates different household sizes and needs within the low-income population.
Oakland's population has fluctuated over the past decade, showing an overall increase from 4,696 in 2012 to 4,934 in 2022. The median income has grown substantially, rising from $20,279 in 2013 to $41,372 in 2022, potentially indicating improved economic conditions for some residents.
The neighborhood has remained predominantly Black, though the percentage has decreased slightly from 93% in 2013 to 88% in 2022. Small increases have occurred in Hispanic and White populations, as well as in residents identifying as two or more races.
No new LIHTC projects have been completed since 2013, despite demographic shifts. This could be attributed to various factors, including changes in funding priorities, market conditions, or a potential decrease in demand for additional affordable housing units in the area.
Oakland demonstrates a substantial commitment to affordable housing through its LIHTC funded projects. The neighborhood's affordable housing stock, comprising about 19.3% of the estimated housing inventory, aligns with recommended targets for balanced communities. The diversity in unit sizes suggests efforts to accommodate various household compositions within the low-income population. While demographic trends indicate some economic improvement and slight racial diversification, the absence of new LIHTC projects in recent years may necessitate further examination of current affordable housing needs and potential development barriers.
