Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Oak Forest, Illinois, zip code 60452, is a suburban area with a population of 24,397 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 84 affordable housing units in this zip code, all of which are designated as low-income units. Based on the estimated housing inventory of 9,348 units, LIHTC-funded affordable housing represents approximately 0.9% of the total housing stock in this zip code.
The LIHTC program has invested $796,312 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $9,480 per unit. This zip code accounts for 0.1% of the total LIHTC funding allocated to the state of Illinois.
The sole LIHTC-funded project in this zip code is the Alden Horizon At Oak Forest Senior Living, completed in 2004. This project has been providing affordable housing options in the area for nearly two decades. The development consists of 74 one-bedroom units and 1 two-bedroom unit, indicating a focus on smaller household sizes, potentially catering to seniors or single-person households.
Over the past decade, the population in this zip code has shown a slight decline, decreasing from 25,849 in 2013 to 24,397 in 2022. The median income has remained relatively stable, ranging from $81,438 to $86,210 during this period.
The racial composition of the zip code has experienced some changes. The white population has decreased from 76% in 2013 to 70% in 2022, while there have been slight increases in Asian, Black, and Hispanic populations. The Asian population has grown from 2% to 5% during this period.
These demographic shifts, coupled with the stable median income, suggest that while the overall population has decreased, the area has maintained its economic stability and has become slightly more diverse. The lack of additional LIHTC projects in the past decade might be attributed to the relatively high median income in the area, which may indicate a lower demand for additional affordable housing units.
The zip code 60452 in Oak Forest, Illinois, has a modest LIHTC-funded affordable housing presence, with 84 units dedicated to low-income residents. This represents less than 1% of the estimated housing stock, which is below the target percentage for affordable housing. The single LIHTC project, completed in 2004, primarily offers one-bedroom units, potentially serving senior or small household needs.
The area has maintained economic stability with consistent median incomes despite a slight population decrease over the past decade. The racial composition has become more diverse, with increases in minority populations. The lack of recent LIHTC developments may be due to the area's relatively high median income, potentially indicating a lower perceived need for additional affordable housing units through this specific program.