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Shelbyville's LIHTC Program: A Decades-Long Commitment to Affordable Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Shelbyville, Illinois, a city with 7,423 residents as of 2022, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 100 units. Of these, 73 are designated as low-income units. This inventory represents approximately 3.5% of the city's estimated 2,844 housing units.
Shelbyville has received $648,462 in project tax credits through the LIHTC program. With four projects, this equates to an average federal funding of $162,115 per project and $6,485 per unit. The city's share of Illinois' total LIHTC funding is 0.08%, indicating a small portion of the state's affordable housing resources.
The development of affordable housing in Shelbyville spans over two decades. The first LIHTC project, Cornerstone Apartments, was completed in 1989, and the most recent, Shelbyville Homes, in 2010. The 1990s were the most active period for affordable housing development, with two projects completed: Heinlein Square Apartments in 1996 and Shelbyville Apartments in 1997.
The LIHTC-funded housing in Shelbyville offers a range of unit types, including 1 efficiency unit, 36 one-bedroom units, 50 two-bedroom units, and 13 three-bedroom units, accommodating various household sizes and needs.
Shelbyville's population has shown slight fluctuations over the past decade, decreasing from 7,436 in 2010 to 7,423 in 2022. The median income has varied, rising from $54,908 in 2013 to $62,108 in 2021, before decreasing to $56,938 in 2022. This trend indicates a moderate improvement in the overall economic condition of the city's residents.
The racial composition of Shelbyville has remained predominantly white (97% in 2022), with a slight increase in diversity, including small percentages of Hispanic (1%) and multiracial (1%) residents in recent years. The absence of new LIHTC projects since 2010 may be attributed to the relatively stable population and moderate income growth, potentially reducing the perceived need for additional affordable housing units.
Shelbyville's LIHTC-funded affordable housing inventory, while modest, provides important housing options for low-income residents. The four LIHTC projects, developed over two decades, offer a mix of unit types to accommodate diverse household needs. The affordable housing stock covers a small percentage of the estimated housing inventory but represents a consistent effort to address affordable housing needs in the community. The demographic trends over the past decade, including stable population and moderate income growth, may have influenced the lack of new LIHTC developments since 2010. Ongoing monitoring of housing needs and demographic shifts will be crucial for determining future affordable housing requirements in Shelbyville.
