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Oswego's Affordable Housing: LIHTC Impact 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
Oswego, an Illinois municipality, had a population of 40,615 in 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 87 total units in the village, with 42 designated as low-income units. This represents approximately 0.56% of the estimated 15,561 housing units in Oswego.
The LIHTC program has provided $1,749,437 in project tax credits to Oswego. This funding has been distributed across approximately two projects, resulting in an average of $874,718.50 per project and $20,108.47 per unit. Oswego's allocation accounts for 0.22% of the total state LIHTC funding.
Affordable housing initiatives in Oswego date back to 1996, with the most recent project completed in 2012. This 16-year span indicates a sustained commitment to affordable housing. Notable projects include Rose Terrace Apartments from the 1990s and Diamond Senior Apartments from the 2010s.
The LIHTC-funded housing inventory in Oswego comprises 6 efficiencies, 72 one-bedroom units, and 9 two-bedroom units. This distribution suggests a focus on accommodating smaller households.
Oswego has experienced population growth over the past decade, increasing from 36,846 in 2013 to 40,615 in 2022. The median income has remained relatively stable, ranging between $106,330 and $118,360. Racial demographics have shifted, with the white population decreasing from 75% in 2013 to 65% in 2022. Concurrently, there has been an increase in diversity, particularly in the Hispanic population (from 10% to 16%) and the Black population (from 5% to 10%). The Asian population has remained stable at approximately 3-4%.
Despite these demographic changes, no new LIHTC projects have been implemented in the last decade. This may indicate that other affordable housing programs are addressing the city's needs or that the existing LIHTC projects sufficiently meet the current demand.
Oswego's LIHTC-funded affordable housing inventory, while modest in relation to the city's overall housing stock, demonstrates a long-term commitment to affordable housing. The city has utilized federal funding to create a diverse mix of unit types, primarily serving smaller households. While demographic changes have occurred over the past decade, including increased diversity and population growth, there have been no new LIHTC projects during this period. This analysis provides an overview of Oswego's affordable housing landscape, emphasizing the role of LIHTC in addressing housing needs within the community.
