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Affordable Housing Analysis in Chicago's 60610 Zip Code: LIHTC Funding 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
The zip code 60610 in Chicago's Near North Side area contains a significant inventory of affordable housing funded by Low-Income Housing Tax Credit (LIHTC). This area has 1,716 units in LIHTC-funded projects, with 1,176 designated as low-income units. Based on an estimated 16,492 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 10.4% of the total housing stock, indicating a substantial contribution to affordable housing needs.
LIHTC projects in zip code 60610 have received $7,372,687 in tax credits, averaging about $4,296 per unit in federal funding. This zip code accounts for 0.91% of the total state LIHTC funding, suggesting a notable concentration of affordable housing investment in this area. Affordable housing has been a consistent feature of this zip code, with projects dating from 1993 to 2016. The earliest project, Town & Garden Apts, was completed in 1993, while the most recent, Parkside IIb, was finished in 2016. The 2000s saw the most affordable housing development, with projects such as North Town Village (2001), Renaissance North (2003), and Parkside (2008) being completed during this decade.
The LIHTC-funded projects in zip code 60610 offer a range of unit types. Out of the total 1,716 units, there are 102 efficiencies, 938 one-bedroom units, 469 two-bedroom units, 111 three-bedroom units, and 22 four-bedroom units. This distribution accommodates various household sizes and needs. One notable project is Schiff R, completed in 2007, which targets the special needs population, likely providing specialized amenities and services to support residents with particular requirements.
Over the past decade, zip code 60610 has experienced steady population growth, increasing from 38,163 in 2013 to 43,045 in 2022. Concurrently, the median income has risen from $86,595 in 2013 to $109,053 in 2022, indicating a trend towards higher-income residents. Racial demographics have shown shifts, with the white population remaining dominant but decreasing slightly from 69% in 2013 to 70% in 2022. The Asian population has increased from 7% to 10%, while the Black population has decreased from 15% to 10%. The Hispanic population has remained relatively stable, moving from 5% to 6%. Despite the absence of new LIHTC projects since 2016, the existing affordable housing stock continues to play a crucial role in maintaining diversity in this increasingly affluent area.
Zip code 60610 in Chicago demonstrates a substantial commitment to affordable housing through its LIHTC-funded projects. With 10.4% of its estimated housing stock dedicated to affordable units, it approaches the target range for a well-balanced community. The area has seen consistent investment in affordable housing over more than two decades, with a variety of unit types to accommodate different household needs. While recent years have shown trends of increasing population and rising median incomes, the established affordable housing inventory continues to provide essential options for lower-income residents in this evolving urban landscape.
