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Venice, Illinois: LIHTC-Funded Affordable Housing 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
Venice, Illinois, a small city along the Mississippi River, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 161 total units, with 99 designated as low-income units. This inventory comprises approximately 23.85% of the city's estimated 675 housing units, significantly contributing to affordable housing needs in the community. Venice has received $1,940,621 in project tax credits through the LIHTC program, averaging $970,310.50 per project and $12,053.55 per unit. The city holds 0.24% of the total state LIHTC funding.
The LIHTC-funded affordable housing in Venice spans from 2005 to 2009, indicating a focused period of development. The Bissell Apartments, completed in 2005, marked the beginning of LIHTC-funded housing in Venice, while the Meachum Crossing Apartments in 2009 represents the most recent addition. The late 2000s were the most active period for affordable housing construction in the city.
Venice's LIHTC inventory includes a mix of unit types, predominantly two-bedroom units (113) and three-bedroom units (47), with one one-bedroom unit. This distribution suggests a focus on accommodating families and larger households.
Venice's population has fluctuated over the last decade, peaking at 2,112 in 2018 before declining to 1,762 in 2022. The median income has shown an overall increasing trend, rising from $19,494 in 2013 to $28,598 in 2022, with some fluctuations. This increase in median income might indicate a changing economic landscape in the city.
Racial demographics show that Venice has consistently maintained a predominantly Black population, although this percentage has slightly decreased from 97% in 2013 to 88% in 2022. There has been a small increase in racial diversity, with slight growth in the Hispanic population and those identifying as two or more races.
Venice's LIHTC-funded affordable housing represents a significant portion of the city's estimated housing stock. The city received nearly $2 million in tax credits, which funded two projects over a four-year period in the late 2000s. These projects have provided a mix of unit types, primarily two and three-bedroom units, suggesting a focus on family housing. While the population has fluctuated and median income has increased over the past decade, the city maintains a predominantly Black population with a slight trend towards increased diversity. This affordable housing inventory likely plays a crucial role in providing housing options for lower-income residents in Venice.
