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Streator's Affordable Housing: LIHTC Impact on a Former Glass Manufacturing Hub
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Streator, Illinois, has implemented the Low-Income Housing Tax Credit (LIHTC) program to support its affordable housing initiatives. The city's LIHTC-funded housing inventory comprises 90 units, with 78 designated as low-income. Based on the 2022 population of 18,118 and an estimated 6,942 housing units, LIHTC-funded affordable housing represents approximately 1.30% of Streator's estimated housing inventory.
Streator has received $2,326,870 in LIHTC funding for affordable housing projects. With three projects, this translates to an average of $775,623 in federal funding per project. The average federal funding per unit is $25,854. Streator holds 0.29% of Illinois' total LIHTC funding allocation.
The city's affordable housing development spans nearly two decades. The first LIHTC project, Streator Manor, was completed in 1989, and the most recent, Evergreen Place - Streator, was finished in 2008. The 2000s saw the most activity in affordable housing development, with two projects completed during this decade.
Streator's LIHTC-funded housing stock includes 19 efficiencies, 55 one-bedroom units, and 16 two-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially senior citizens.
Over the past decade, Streator's population has declined from 19,164 in 2015 to 18,118 in 2022. Despite this decrease, the median income has remained relatively stable, with a slight increase from $48,110 in 2015 to $48,879 in 2022.
The racial composition of Streator has changed. The white population has decreased from 83% in 2015 to 81% in 2022, while the Hispanic population has increased from 10% to 14% during the same period. The Black population has remained relatively stable at around 3%.
These demographic changes, particularly the increase in the Hispanic population and the overall population decline, may influence future affordable housing needs in Streator. However, no new LIHTC projects have been built in the last decade.
Streator's LIHTC-funded affordable housing inventory provides important housing options for low-income residents. The city has received over $2.3 million in LIHTC funding, supporting 90 units across three projects. The housing stock is primarily composed of one-bedroom units, suggesting a focus on smaller households. While the city's population has been declining, shifts in racial demographics and stable median income levels may influence future affordable housing needs. The analysis highlights the ongoing role of LIHTC in supporting affordable housing in Streator, even as the city's demographic landscape continues to evolve.
