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Waukegan's LIHTC Program: Affordable Housing in a Diverse Illinois City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Waukegan, a city in Illinois, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program has contributed 1,622 total units, of which 1,246 are designated as low-income units. Based on the 2022 population of 86,472 and an estimated 33,131 housing units, the LIHTC-funded affordable housing covers approximately 4.9% of the city's estimated housing inventory.
Waukegan has received $12,161,658 in project tax credits through the LIHTC program. With approximately 11 projects, this translates to an average of $1,105,605 in federal funding per project. When divided by the total units, it amounts to about $7,497 per unit in federal funding. Waukegan holds 1.5% of Illinois' total LIHTC funding, indicating a significant portion of the state's affordable housing efforts are concentrated in this city.
The LIHTC program has been active in Waukegan for nearly three decades. The first project, Lakeside Tower Apartments, was completed in 1993, while the most recent, Karcher Artspace Lofts, was finished in 2012. This long-term commitment demonstrates the city's ongoing efforts to provide affordable housing. The late 1990s saw the most affordable housing activity, with three projects completed in 1998-1999: Cinnamon Lake Towers, Kings Court Apartments, and Chapel Garden Senior Apartments.
The LIHTC-funded housing in Waukegan offers a diverse range of unit types. Of the 1,622 total units, there are 30 efficiencies, 884 one-bedroom units, 492 two-bedroom units, and 144 three-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Over the past decade, Waukegan's population has remained relatively stable, fluctuating between 82,934 and 88,805. The median income has shown a positive trend, increasing from $46,220 in 2018 to $64,299 in 2022. This rise in median income might indicate a changing economic landscape in the city.
Racially, Waukegan has maintained a diverse population. The Hispanic community has consistently represented the largest demographic group, comprising 54-58% of the population in recent years. The Black population has seen a slight decrease from 20% in 2019 to 14% in 2022, while the Asian population has remained stable at around 5-7%.
Waukegan's LIHTC-funded affordable housing program has made a notable contribution to the city's housing landscape, providing over 1,600 units over nearly three decades. The program's longevity and the diversity of unit types demonstrate a sustained effort to address various housing needs. While the LIHTC units represent a small percentage of the city's estimated housing inventory, they play a crucial role in providing affordable options. The city's changing demographics and rising median income suggest an evolving economic environment, which may influence future affordable housing needs and strategies.
