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South Elgin's Affordable Housing: LIHTC Funding 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
South Elgin, located in Illinois, has a LIHTC funded affordable housing inventory consisting of 116 total units, with 114 of these designated as low-income units. The village, with a population of 32,638 in 2022, has an estimated housing inventory of approximately 12,505 units. The LIHTC funded affordable housing covers about 0.93% of the estimated housing units in the city.
South Elgin has received $2,897,044 in project tax credits from the LIHTC program for affordable housing. With approximately 2 projects, this translates to an average federal funding of $1,448,522 per project. Dividing the total tax credits by the 116 total units results in an average federal funding of $24,974 per unit. South Elgin holds 0.36% of the total state LIHTC funding.
The Marison Mill Suites project, completed in 2019, represents the most recent addition to the village's affordable housing inventory. This project added 66 low-income units to the community. The affordable housing inventory in South Elgin consists primarily of one-bedroom units (83), followed by two-bedroom units (18), and three-bedroom units (6). This distribution indicates a focus on housing for smaller households or individuals.
Over the past decade, South Elgin has experienced population growth, increasing from 30,336 in 2010 to 32,638 in 2022. The median income has also seen an overall increase, rising from $102,170 in 2013 to $106,029 in 2022, despite some fluctuations.
Racial demographics have shifted notably during this period. The white population decreased from 73% in 2013 to 58% in 2022, while the Hispanic population increased from 13% to 25%. The Asian and Black populations also saw modest increases. This demographic shift may have influenced the need for diverse affordable housing options.
South Elgin's LIHTC funded affordable housing inventory, while modest in comparison to the total estimated housing units, represents a targeted effort to provide low-income housing options. The recent completion of the Marison Mill Suites project in 2019 demonstrates ongoing commitment to affordable housing development. The focus on one-bedroom units suggests an emphasis on accommodating smaller households. As the village continues to grow and diversify, monitoring the alignment between affordable housing inventory and changing demographics will be crucial for addressing community housing needs.
