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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 60004 in Arlington Heights, Illinois, has a population of 54,764 as of 2022 and covers an area of 11.39 square miles. The Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory in this zip code consists of 18 total units, all of which are designated as low-income units. Based on the estimated housing inventory of 20,982 units, the LIHTC-funded affordable housing covers approximately 0.09% of the zip code's housing stock.
The LIHTC program has allocated $662,197 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $36,789 per unit. Notably, this zip code accounts for 0.08% of the total LIHTC funding in Illinois.
The sole LIHTC-funded project in this zip code is Heart's Place, completed in 2019. This project represents the entirety of LIHTC-funded affordable housing in the area, indicating a relatively recent introduction of such housing in this zip code.
Heart's Place consists of 18 units, including 1 one-bedroom unit and 8 two-bedroom units. The project does not have a specific target population, suggesting it may serve a diverse range of low-income residents.
Over the past decade, the zip code has experienced slight fluctuations in population, with an overall increase from 52,856 in 2010 to 54,764 in 2022. The median income has risen from $91,304 in 2013 to $103,844 in 2022, indicating a growing affluence in the area.
Racial demographics have shown gradual changes. The white population has decreased from 80% in 2013 to 71% in 2022, while Asian, Hispanic, and Black populations have seen modest increases. The Asian population grew from 7% to 11%, Hispanic from 9% to 12%, and Black from 1% to 3% during this period.
The introduction of LIHTC-funded housing in 2019 coincides with these demographic shifts, possibly responding to the growing diversity and changing economic landscape of the zip code.
Zip code 60004 in Arlington Heights has a relatively small LIHTC-funded affordable housing presence, with only one project completed in recent years. This project, Heart's Place, provides 18 low-income units, representing a small fraction of the estimated housing inventory. The area has experienced moderate population growth, increasing median income, and gradual diversification of its racial composition over the past decade. These demographic changes may have influenced the recent introduction of LIHTC-funded affordable housing in this zip code.