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Rockford's LIHTC-Funded Affordable Housing: Three Decades of Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rockford, Illinois, the third-largest city in the state, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. With a total of 1,141 units in LIHTC-funded projects, including 1,022 designated as low-income units, Rockford is addressing the affordable housing needs of its residents. Based on the city's 2022 population of 145,835 and an estimated 55,875 housing units, the LIHTC-funded affordable housing represents approximately 2.04% of the city's estimated housing inventory.
Rockford has received $13,437,046 in project tax credits through the LIHTC program. With approximately 25 projects, this translates to an average of $537,482 in federal funding per project. When considering the total units, the average federal funding per unit is $11,776. Notably, Rockford accounts for 1.66% of Illinois' total LIHTC funding, indicating a substantial commitment to affordable housing in the city.
The city's affordable housing journey spans over three decades, with the earliest LIHTC projects, Anchor Housing I and II, completed in 1991, and the most recent documented project, Jane Addams Park Apartments, finished in 2012. The 1990s saw the most significant affordable housing development activity, with 15 projects completed during this decade.
Rockford's LIHTC-funded housing stock offers a diverse range of unit types, including 184 efficiencies, 289 one-bedroom units, 261 two-bedroom units, 150 three-bedroom units, and 14 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Several projects in Rockford target specific populations. For instance, Riverwest Housing Phase I and Harbor House, completed in 1999 and 2000 respectively, focus on individuals with mental illness, addressing a crucial need for specialized affordable housing.
Over the past decade, Rockford's population has shown a slight decline, from 152,871 in 2010 to 145,835 in 2022. Despite this decrease, the median income has risen from $40,215 in 2013 to $53,994 in 2022, indicating some economic improvement. The racial composition has remained relatively stable, with a slight increase in Hispanic population and a small decrease in the white population.
While no new LIHTC projects have been documented in the last decade, the demographic shifts suggest a potential need for continued affordable housing development. The rising median income, coupled with a relatively stable population, may indicate increasing housing costs that could impact low-income residents.
Rockford's LIHTC-funded affordable housing inventory plays a crucial role in addressing the city's housing needs. With over 1,000 low-income units spread across approximately 25 projects, the city has made significant strides in providing affordable housing options. The diverse unit types and targeted projects for specific populations demonstrate a comprehensive approach to affordable housing. While recent years have not seen new LIHTC projects, the changing demographic landscape suggests an ongoing need for affordable housing initiatives in Rockford.
