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Affordable Housing Analysis in Zip Code 60103: LIHTC Impact on Bartlett
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 60103, located in Bartlett, Illinois, has a population of 38,558 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded the creation of 208 affordable housing units in this area, including 187 designated as low-income units. Based on an estimated housing inventory of 14,773 units, the LIHTC-funded affordable housing comprises approximately 1.41% of the zip code's housing stock.
The LIHTC program has invested $1,525,451 in tax credits for affordable housing projects in zip code 60103. This investment translates to an average federal funding of $7,334 per unit. Zip code 60103 accounts for 0.19% of the total LIHTC funding allocated to the state of Illinois. Affordable housing has been present in this zip code since at least 2006, with the completion of the Victory Centre of Bartlett SLF project. The most recent project, Bartlett ILF Assoc, was completed in 2007. The 2000s saw the most significant development of affordable housing in this area.
The LIHTC-funded housing inventory in zip code 60103 consists of 64 efficiencies, 95 one-bedroom units, and 13 two-bedroom units. This distribution suggests a focus on smaller household sizes and potentially senior or single-occupant housing needs.
Over the past decade, the population in zip code 60103 has remained relatively stable, with only slight fluctuations. The median income has shown an upward trend, increasing from $106,845 in 2013 to $114,293 in 2022. This rise in median income might indicate a growing need for affordable housing options to maintain economic diversity in the area.
Racial demographics in zip code 60103 have shifted slightly, with the white population decreasing from 73% in 2013 to 63% in 2022. Concurrently, there has been an increase in Asian, Hispanic, and Black populations. This growing diversity could suggest a need for culturally sensitive affordable housing options.
The analysis of LIHTC-funded affordable housing in zip code 60103 reveals a modest contribution to the area's housing inventory. While the percentage of affordable units is relatively low compared to the estimated total housing stock, the LIHTC program has provided significant investment in creating affordable options. The focus on smaller unit sizes suggests a tailored approach to local housing needs. As the area's demographics continue to evolve, particularly with increasing diversity and rising median incomes, ongoing assessment of affordable housing needs will be crucial to ensure a balanced and inclusive community.
