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Peoria's LIHTC Program: Addressing Affordable Housing Needs in the Illinois River City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Peoria, Illinois, located along the Illinois River, has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The city's LIHTC-funded affordable housing inventory comprises 1,831 total units, with 1,381 designated as low-income units. This accounts for approximately 4.4% of the city's estimated housing stock of 41,847 units, indicating that while LIHTC has contributed to affordable housing in Peoria, there may be additional needs or supplementary programs.
Peoria has received $11,136,393 in project tax credits through the LIHTC program. With approximately 20 projects, this translates to an average of $556,820 in federal funding per project and about $6,082 per unit. Peoria's share of 1.38% of Illinois' total LIHTC funding indicates a significant portion of the state's affordable housing efforts.
The city's engagement with LIHTC-funded affordable housing began in 1987 with projects like "1222 N Douglas St" and "4100 West Hillmont." The most recent project mentioned is "New Hope Apts," completed in 2008. This 21-year span demonstrates Peoria's long-term commitment to affordable housing development.
The 1990s witnessed considerable affordable housing activity in Peoria, with projects such as "St Francis Estates" (1992), "Bradford Woods Apts" and "Village Green Apts" (both 1997), and "Aspen Bluff Apts" and "Peoria Apts" (both 1998) being completed.
Peoria's LIHTC-funded affordable housing inventory offers a range of unit types, including 79 efficiencies, 756 one-bedroom units, 502 two-bedroom units, 395 three-bedroom units, and 45 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Demographic trends over the past decade show that Peoria's population has fluctuated, with a slight overall decline from 115,720 in 2018 to 109,221 in 2022. Median income has shown some volatility, rising from $48,146 in 2017 to $55,955 in 2022. The racial composition has remained relatively stable, with a slight decrease in the white population (from 56% in 2016 to 53% in 2022) and small increases in Asian, Black, and Hispanic populations.
In conclusion, Peoria's LIHTC-funded affordable housing represents a significant investment in addressing low-income housing needs. While it covers a portion of the estimated housing stock, the city may have additional affordable housing programs or needs. The diverse unit types and long-term commitment to affordable housing development demonstrate Peoria's efforts to provide housing options for its low-income residents. As demographic trends continue to evolve, ongoing assessment of affordable housing needs will be crucial for the city's future planning and development.
