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Old Town Chicago: Affordable Housing Trends and Demographic Shifts in a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Old Town, a neighborhood in Chicago, Illinois, maintains a substantial inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. The area contains 444 total units in LIHTC-funded projects, with 420 designated as low-income units. Given the 2022 population of 13,244 and an estimated 5,074 housing units, LIHTC-funded affordable housing comprises approximately 8.75% of the neighborhood's estimated housing inventory.
The LIHTC program has allocated $1,645,085 in tax credits for affordable housing projects in Old Town. This equates to an average federal funding of $3,705 per unit. Affordable housing development in the neighborhood has occurred consistently over three decades, beginning with the Town & Garden Apartments in 1993 and concluding with Evergreen Tower I in 2014.
The 2000s witnessed the most significant affordable housing development, with the completion of three projects: Evergreen Sedgwick (2001), Renaissance North (2003), and Schiff R (2007). The housing inventory includes a diverse range of unit types: 102 efficiencies, 208 one-bedroom units, 92 two-bedroom units, and 40 three-bedroom units. Notably, the Schiff R project, completed in 2007, is designed to serve individuals with special needs.
Old Town has undergone substantial demographic changes over the past decade. The population increased from 10,911 in 2017 to 13,244 in 2022, a growth of 21%. Simultaneously, the median income rose from $90,847 in 2017 to $119,322 in 2022, representing a 31% increase.
The racial composition of the neighborhood has also shifted. The white population has remained relatively stable at approximately 60%, while the Black population decreased from 25% in 2017 to 18% in 2022. The Asian population increased from 6% to 12% during this period, and the Hispanic population grew slightly from 4% to 7%.
Despite these demographic changes, no new LIHTC projects have been completed in Old Town since 2014. This may be attributed to the rising median income and changing racial composition, potentially indicating a reduced need for additional low-income housing in recent years.
Old Town's LIHTC-funded affordable housing inventory constitutes a significant portion of its estimated housing stock. The neighborhood experienced consistent affordable housing development from 1993 to 2014, with peak activity in the 2000s. The diverse mix of unit types suggests an effort to accommodate various household sizes and needs.
The neighborhood has experienced substantial population growth and income increases over the past decade, along with shifts in racial composition. However, there have been no new LIHTC projects since 2014. This analysis provides insight into the affordable housing landscape in Old Town and its relationship to the neighborhood's changing demographics.
