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Affordable Housing Analysis in Zip Code 60102: Examining LIHTC Project Impact in Algonquin, 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 60102, situated in Algonquin, Illinois, encompasses an area of 16.17 square miles and had a population of 30,276 as of 2022. This zip code contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides 93 low-income units. Based on an estimated housing inventory of 11,600 units, the LIHTC funded affordable housing represents approximately 0.8% of the zip code's housing stock.
The LIHTC project in zip code 60102 received $1,766,050 in tax credits, averaging $18,989 per unit. This funding constitutes 0.22% of the total LIHTC funding allocated to the state of Illinois. The project, named "The Residences Of Lake In The Hills," was completed in 2012, marking the introduction of LIHTC-funded affordable housing in this area.
The project comprises 93 units, all designated as low-income. The unit distribution includes 12 efficiencies, 61 one-bedroom units, and 2 two-bedroom units. This composition indicates a focus on accommodating smaller households and individuals.
Over the past decade, the population of zip code 60102 has remained relatively stable, fluctuating between 29,929 and 30,682. The median income has displayed an upward trend, increasing from $106,772 in 2013 to $110,921 in 2022. This rise in median income may suggest a growing need for affordable housing options to maintain economic diversity in the area.
Racial demographics in zip code 60102 have exhibited slight shifts, with the white population decreasing from 83% in 2014 to 77% in 2022. There has been a modest increase in Asian (5% to 6%), Black (1% to 2%), and Hispanic (8% to 11%) populations during this period. These changes indicate a gradual diversification of the community, which may influence future affordable housing needs.
Zip code 60102 has a single LIHTC-funded affordable housing project that provides 93 low-income units, primarily consisting of one-bedroom apartments. While this project contributes to the area's affordable housing stock, it represents a small percentage of the estimated total housing inventory. The zip code has experienced stable population growth, increasing median income, and gradual racial diversification over the past decade. These demographic trends may influence future affordable housing needs and development in the area.
