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Affordable Housing Analysis in Carol Stream, Illinois Zip Code 60188: LIHTC Program Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Carol Stream, zip code 60188, is a suburban area in Illinois with a population of 43,104 as of 2022. This zip code has a LIHTC funded affordable housing inventory of 572 total units, with 502 designated as low-income units. The LIHTC funded affordable housing comprises approximately 3.46% of the zip code's estimated 16,515 housing units.
The LIHTC program has invested $2,069,500 in project tax credits for affordable housing in this zip code. This equates to an average federal funding of $3,618 per unit. Zip code 60188 accounts for 0.26% of the total LIHTC funding allocated to Illinois.
The affordable housing projects in this area were completed between 2005 and 2007. Two projects, Autumn Ridge Apartments and Villagebrook Apartments, were completed in 2005. The most recent project, Covered Bridges, was completed in 2007.
The affordable housing inventory in zip code 60188 includes 211 one-bedroom units, 143 two-bedroom units, and 47 three-bedroom units. This distribution accommodates various household sizes and needs within the community.
The population in zip code 60188 has remained relatively stable over the past decade, with slight fluctuations. The median income has increased from $86,000 in 2013 to $96,772 in 2022. This rise in median income may indicate a growing need for affordable housing options to maintain economic diversity in the area.
Racial demographics in zip code 60188 have shifted over the last decade. The white population has decreased from 65% in 2013 to 55% in 2022, while Asian and Hispanic populations have increased slightly. This demographic change may suggest a need for culturally sensitive affordable housing options.
The LIHTC program has made a significant investment in affordable housing in Carol Stream's 60188 zip code, providing 502 low-income units. This covers about 3.46% of the estimated housing stock and represents an important contribution to housing affordability in the area. The diversity of unit types suggests an effort to accommodate various household sizes. As the area continues to experience demographic shifts and rising median incomes, ongoing assessment of affordable housing needs will be crucial to maintain a balanced community.
