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Affordable Housing Analysis in Zip Code 60112: Cortland Estates' Impact on Cortland, 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
The zip code 60112 in Cortland, Illinois, features a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 37 affordable units, all of which are designated as low-income units. These units represent approximately 11.8% of the estimated 314 total housing units in the zip code.
The LIHTC program has made a significant investment in this zip code, with project tax credits totaling $788,243. This equates to an average federal funding of $21,304 per unit. Notably, this zip code accounts for 0.1% of the total state LIHTC funding, indicating its relative importance in Illinois' affordable housing landscape.
The affordable housing presence in zip code 60112 dates back to 1998 with the completion of Cortland Estates. This project, which accounts for all 37 LIHTC funded units in the area, has been providing affordable housing options for over two decades. All 37 units in Cortland Estates are one-bedroom apartments, suggesting a focus on accommodating individuals or small households.
Over the past decade, zip code 60112 has experienced fluctuations in population, with a general upward trend from 703 residents in 2010 to 819 in 2022. The median income has also shown variability, ranging from $62,420 to $76,129 during this period. These economic changes may influence the ongoing need for affordable housing in the area.
Racial demographics in zip code 60112 have shifted slightly, with the white population decreasing from 76% in 2013 to 67% in 2022. Conversely, the Black population has increased from 3% to 10% during the same period. The Hispanic population has remained relatively stable, fluctuating between 16% and 22%. These demographic changes could impact the demand for affordable housing and potentially influence future LIHTC developments.
Zip code 60112 in Cortland showcases a focused approach to affordable housing through its single LIHTC project, Cortland Estates. With 37 one-bedroom units, this development represents a significant portion of the area's estimated housing inventory. The substantial investment of $788,243 in tax credits underscores the importance of this project to the community. While demographic shifts and income fluctuations have occurred over the past decade, the long-standing presence of Cortland Estates continues to provide valuable affordable housing options for residents in this Illinois zip code.
