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Affordable Housing Analysis in Springfield, Illinois Zip Code 62711: A Single LIHTC Project's 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
Zip code 62711 in Springfield, Illinois contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, Homestead Place Of Springfield Lp, provides 60 total units, including 6 low-income units. The 2022 population of 17,668 and estimated 6,769 housing units in the zip code indicate that LIHTC-funded affordable housing comprises approximately 0.89% of the estimated housing inventory.
The LIHTC program has allocated $235,211 in project tax credits for affordable housing in zip code 62711. This equates to an average federal funding of $3,920 per unit, representing 0.03% of the total LIHTC funding allocated to Illinois. Homestead Place Of Springfield Lp, completed in 1995, is the sole LIHTC-funded affordable housing project in this zip code.
The housing mix in this LIHTC project consists of 36 one-bedroom units and 24 two-bedroom units. The project does not include efficiencies, three-bedroom, or four-bedroom units, suggesting a focus on smaller households or individuals.
Zip code 62711 has experienced population fluctuations over the past decade, with an overall upward trend. The population increased from 16,245 in 2015 to 17,668 in 2022. Median income has also varied, rising from $98,701 in 2015 to $100,107 in 2022, with fluctuations in between.
Racial demographics in zip code 62711 have remained relatively stable, with a slight decrease in the white population from 86% in 2015 to 79% in 2022. There has been a small increase in diversity, with the Black population growing from 5% to 9%, and those identifying as two or more races increasing from 1% to 4% during this period.
The 62711 zip code in Springfield, Illinois, has a single LIHTC-funded affordable housing project that has been operational since 1995. It provides 60 units of affordable housing, including 6 low-income units, representing a small percentage of the overall housing inventory. The area has experienced moderate population growth and income fluctuations over the past decade, along with a slight increase in racial diversity. These demographic changes may influence future affordable housing needs and development in zip code 62711.
