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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 60087 in Waukegan, Illinois, contains a significant inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area encompasses 240 total units in LIHTC-funded projects, with 17 specifically designated as low-income units. Based on the estimated 10,867 housing units in the zip code, the LIHTC-funded affordable housing represents approximately 2.21% of the total housing stock.
The LIHTC program has invested significantly in this zip code, with project tax credits totaling $6,957,481. This translates to an average federal funding of about $28,990 per unit across all LIHTC-funded projects. Notably, this zip code accounts for 0.86% of Illinois' total LIHTC funding, indicating a substantial concentration of affordable housing investment in this area.
The LIHTC-funded affordable housing in this zip code spans from 2007 to 2011, demonstrating a consistent presence of affordable housing for over a decade. The two notable projects in this area are Brookstone Apartments, completed in 2007, and Village Park Apartments, finished in 2011. The late 2000s to early 2010s appear to be the most active period for affordable housing development in this zip code.
Breaking down the unit types, the LIHTC projects in this zip code offer a diverse range of housing options. There are 134 one-bedroom units, 82 two-bedroom units, and 24 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, the zip code has experienced some demographic shifts. The population has remained relatively stable, with slight fluctuations. The median income has seen modest changes, ranging from about $64,000 to $69,000. Racially, the area has become more diverse, with increases in Hispanic, Black, and Asian populations, while the proportion of White residents has decreased.
These demographic trends, particularly the stable population and income levels, may explain why no new LIHTC projects have been developed in the area since 2011. The existing affordable housing stock might be meeting the current needs of the community.
Zip code 60087 in Waukegan, Illinois, has a significant LIHTC-funded affordable housing presence, representing about 2.21% of the estimated total housing stock. The area has received substantial federal investment, accounting for 0.86% of Illinois' LIHTC funding. The affordable housing inventory, developed between 2007 and 2011, offers a range of unit sizes to accommodate diverse household needs. While no new LIHTC projects have been built in the last decade, the existing stock continues to play a crucial role in the community's housing landscape, aligning with the area's demographic trends of stable population and income levels.