Loading Content...
Affordable Housing Analysis in Zip Code 60064: Three Decades of LIHTC Presence
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 60064 in North Chicago, Illinois, contains a diverse affordable housing inventory funded by the Low-Income Housing Tax Credit (LIHTC) program. This area has 232 LIHTC-funded units, with 229 designated as low-income units. Based on the estimated 5,706 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 4.1% of the zip code's housing inventory.
The LIHTC projects in zip code 60064 have received $548,692 in tax credits, averaging about $2,365 per unit. This funding represents 0.07% of the total LIHTC allocation for Illinois, indicating a relatively small but significant contribution to the state's affordable housing efforts.
Affordable housing has been present in this zip code for over three decades. The earliest LIHTC projects, "1106 Mcallister" and "1933 Dickey Avenue," were completed in 1989. The most recent project, "Prairie View Apts (North Chicago)," was completed in 2006. The 1980s saw the most affordable housing development in this area.
The LIHTC-funded housing in zip code 60064 offers a mix of unit types, with a focus on family-sized apartments. There are 56 one-bedroom units, 127 two-bedroom units, 48 three-bedroom units, and 1 four-bedroom unit. This distribution suggests an emphasis on accommodating families of various sizes.
Over the past decade, the population in zip code 60064 has shown a slight decline, decreasing from 15,838 in 2014 to 14,893 in 2022. Despite this population decrease, the median income has increased significantly, rising from $39,862 in 2014 to $51,422 in 2022. This upward trend in income might partially explain why no new LIHTC projects have been developed since 2006.
The racial demographics of zip code 60064 have remained diverse but have shifted somewhat. The Hispanic population has increased from 43% in 2014 to 50% in 2022, while the Black population has decreased from 42% to 30% during the same period. The White population has seen a slight increase from 11% to 14%. These demographic changes could influence future affordable housing needs and planning in the area.
Zip code 60064 has an established foundation of LIHTC-funded affordable housing, covering about 4.1% of the estimated housing inventory. The area has seen no new LIHTC developments since 2006, which coincides with a period of population decline but significant income growth. The existing affordable housing stock focuses on family-sized units, reflecting the needs of the diverse community. As demographics continue to shift, ongoing assessment of affordable housing needs will be crucial for this zip code.
