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Affordable Housing Analysis in Zip Code 60070: Examining LIHTC Impact in Prospect Heights, Illinois
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 60070, located in Prospect Heights, Illinois, has a population of 16,261 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 6 affordable housing units in this area, all of which are designated as low-income units. These LIHTC-funded units represent approximately 0.1% of the estimated 6,230 housing units in the zip code.
The LIHTC program has invested $48,106 in tax credits for affordable housing projects in zip code 60070. This equates to an average federal funding of $8,018 per unit. The zip code accounts for 0.01% of the total LIHTC funding allocated to the state of Illinois.
The Wimbledon Drive Apartments, completed in 1991, is the only LIHTC-funded project in zip code 60070. This development has provided affordable housing options to the community for over three decades. It consists of 3 one-bedroom units and 3 two-bedroom units, offering housing options for different household sizes.
Zip code 60070 has experienced demographic changes over the past decade. The population decreased from 17,025 in 2015 to 16,261 in 2022. During this period, the median income increased from $67,794 in 2015 to $73,686 in 2022, indicating an improvement in economic conditions.
The racial demographics in zip code 60070 have also shifted. The white population decreased from 60% in 2015 to 59% in 2022, while the Hispanic population increased from 25% to 29% during the same period. The Asian population remained relatively stable at 10-12%, and the Black population increased slightly from 1% to 2%.
No new LIHTC-funded affordable housing development has occurred in zip code 60070 since 1991. This lack of development may be attributed to various factors, including changes in local housing policies, land availability, or shifts in community needs.
Zip code 60070 in Prospect Heights, Illinois, has a modest LIHTC-funded affordable housing inventory, consisting of 6 units in one project completed in 1991. This represents a small portion of the estimated housing stock but has provided consistent affordable housing options for over 30 years. The area has experienced moderate demographic changes in the past decade, including a slight population decrease, increased median income, and shifts in racial composition. These factors, along with other local considerations, may influence future affordable housing development in the area.
