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West Humboldt Park's Affordable Housing: A Demographic Shift Amidst Static LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
West Humboldt Park, a neighborhood in Chicago, Illinois, had a population of 16,538 as of 2022. The Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory in the area comprises 31 units, all of which are designated as low-income units. These units represent approximately 0.49% of the neighborhood's estimated housing stock of 6,336 units.
The LIHTC program has allocated $271,194 in tax credits for affordable housing in West Humboldt Park. This allocation equates to an average federal funding of $8,748 per unit. The neighborhood's sole LIHTC funded affordable housing project, Nuestro Hosar Cooperative, was completed in 2002, marking the inception of LIHTC presence in the area.
The Nuestro Hosar Cooperative project offers a variety of unit types, including 4 one-bedroom units, 15 two-bedroom units, and 12 three-bedroom units. This distribution indicates a focus on accommodating families of different sizes within the affordable housing development.
West Humboldt Park has experienced demographic changes over the past decade. The population increased from 14,223 in 2015 to 16,538 in 2022, indicating a steady growth in residents. Median income rose significantly from $30,527 in 2015 to $46,819 in 2022, suggesting improved economic conditions for some residents.
Racial demographics have also shifted. The Hispanic population increased from 46% in 2015 to 57% in 2022, while the Black population decreased from 49% to 36% during the same period. The White population saw a slight increase from 2% to 6%.
Despite these demographic changes and the rising median income, no new LIHTC projects have been developed in the neighborhood since 2002. This lack of development could be attributed to various factors, including changes in funding priorities, zoning regulations, or the availability of suitable development sites.
West Humboldt Park's LIHTC funded affordable housing inventory, while limited in size, provides 31 low-income units to the community. The single LIHTC project, Nuestro Hosar Cooperative, has served the neighborhood since 2002. Despite population growth and significant increases in median income over the past decade, no new LIHTC developments have been added. The neighborhood has also experienced notable shifts in racial demographics during this period. These factors combined suggest a changing landscape that may influence future affordable housing needs and development in West Humboldt Park.
