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Affordable Housing Analysis in Chicago Zip Code 60607: LIHTC Investment 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
Zip code 60607 in Chicago, Illinois contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 289 total units in LIHTC funded projects, with 288 designated as low-income units. The zip code covers 2.29 square miles and had a population of 30,913 in 2022. Using the national average household size of 2.61, the estimated housing inventory in this zip code is approximately 11,844 units. LIHTC funded affordable housing units represent about 2.44% of the estimated housing stock in this area.
The LIHTC projects in zip code 60607 have received $6,984,878 in tax credits, averaging $24,169 per unit. This zip code holds 0.86% of the total state LIHTC funding, indicating a notable concentration of affordable housing investment in this area. The LIHTC funded affordable housing in this zip code spans from 2005 to 2012, representing over seven years of affordable housing development. The first project, Roosevelt Square I, was completed in 2005, while the most recent project, Viceroy Housing Apartments, was finished in 2012. The 2000s saw the most affordable housing development in this area, with three out of four projects completed during this decade.
The housing units in these LIHTC projects are diverse, including 120 efficiencies, 115 one-bedroom units, 10 two-bedroom units, and 6 four-bedroom units. This mix suggests a focus on accommodating various household sizes and needs within the affordable housing inventory.
Over the past decade, zip code 60607 has experienced significant population growth, increasing from 25,435 in 2013 to 30,913 in 2022. Median income has also risen substantially, from $89,094 in 2013 to $105,995 in 2022. This trend might explain why no new LIHTC projects have been developed since 2012, as the area has become increasingly affluent.
The racial composition of zip code 60607 has remained relatively stable, with a slight increase in the Asian population (from 17% in 2013 to 22% in 2022) and a decrease in the Black population (from 17% in 2013 to 11% in 2022). The White population has maintained a majority at around 53-55% throughout this period.
Zip code 60607 in Chicago has a notable LIHTC funded affordable housing inventory, representing about 2.44% of the estimated housing stock. The area has seen significant investment in affordable housing, with projects spanning from 2005 to 2012. The diverse mix of unit types suggests an effort to meet various housing needs. However, the lack of new LIHTC projects since 2012, coupled with rising median incomes and population growth, indicates a changing demographic landscape that may have reduced the perceived need for additional affordable housing development in recent years.
