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Springfield's LIHTC Program: Three Decades of Affordable Housing in Illinois' Capital
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Springfield, the capital city of Illinois, has implemented the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing. The city has 1,248 units in LIHTC-funded projects, with 960 designated as low-income units. This accounts for approximately 2.87% of the city's estimated 43,422 housing units.
Springfield has received $7,644,774 in project tax credits for affordable housing through the LIHTC program. With 33 approximate projects, this averages $231,660 per project and $6,126 per unit. Springfield's allocation represents 0.94% of the total state LIHTC funding.
The city's LIHTC-funded affordable housing program spans from 1988 to 2020. The initial projects, "North 4Th Street" and "Schnapp Apts I," were completed in 1988, while the most recent project, "Lincolnwood Estates," was finished in 2020. The 1990s experienced the highest activity in affordable housing development.
The LIHTC-funded housing in Springfield offers various unit types. The 1,248 units consist of 2 efficiencies, 200 one-bedroom units, 789 two-bedroom units, 145 three-bedroom units, and 16 four-bedroom units. This distribution indicates accommodation for diverse household sizes, with a focus on two-bedroom units.
Springfield's population has decreased slightly from 116,858 in 2013 to 113,331 in 2022. Despite this, the median income increased from $48,864 in 2013 to $60,082 in 2022, suggesting improved economic conditions. The racial composition in 2022 shows a majority white population (69%), with significant Black (18%) and multiracial (6%) communities.
The most recent LIHTC project in 2020 coincides with a period of increasing median income, indicating a continued need for affordable housing despite economic improvements. The slight population decline may have influenced the reduced pace of new affordable housing development in recent years.
Springfield's LIHTC-funded affordable housing represents a small but significant portion of the city's housing stock. The program has provided consistent support over three decades, offering diverse unit types to meet various household needs. While new project development has slowed recently, the ongoing investment in affordable housing, even as median incomes rise, emphasizes the continued importance of these initiatives in maintaining housing accessibility for low-income residents in Illinois' capital city.
