Loading Content...
Affordable Housing Analysis in Zip Code 60118: LIHTC Projects and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 60118, which includes West Dundee in Illinois, has a population of 20,547 as of 2022. The area covers 23.38 square miles and contains a notable inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. There are 285 total units in LIHTC funded projects, with 210 designated as low-income units. Based on an estimated 7,872 housing units in the zip code, LIHTC funded affordable housing comprises approximately 3.62% of the total housing inventory.
The LIHTC projects in zip code 60118 have received $5,588,700 in project tax credits, averaging $19,609 per unit in federal funding. This zip code accounts for 0.69% of the total state LIHTC funding, indicating a moderate concentration of affordable housing investment in the area.
The first LIHTC project in zip code 60118, Union School Apts, was completed in 1995, while the most recent project, Spring Hill Senior Residences, was finished in 2019. This 24-year span demonstrates a sustained commitment to affordable housing development. The 2010s saw the most affordable housing activity, with three out of four projects completed during this decade, including Gardiner Place Senior Apts and River Haven Place in 2013.
The LIHTC funded projects in zip code 60118 offer a range of unit types. There are 7 efficiencies, 121 one-bedroom units, 123 two-bedroom units, 9 three-bedroom units, and 25 four-bedroom units. This distribution suggests accommodation for various household sizes, with an emphasis on smaller households.
Zip code 60118 has experienced steady population growth over the past decade, increasing from 19,433 in 2013 to 20,547 in 2022. During this period, the median income rose from $92,558 in 2013 to $105,602 in 2022. This income growth may have influenced the need for affordable housing in the area.
The racial composition of zip code 60118 has remained relatively stable, with a slight decrease in the white population from 77% in 2013 to 73% in 2022. The Hispanic population increased from 13% to 16% during the same period. These demographic shifts may have influenced the development of LIHTC projects to ensure housing accessibility for diverse populations.
Zip code 60118 has a modest but significant LIHTC funded affordable housing inventory, covering about 3.62% of the estimated total housing units. The area has seen consistent investment in affordable housing over more than two decades, with a focus on development in the 2010s. The LIHTC projects offer various unit types, catering to different household sizes. The area's rising median income and subtle demographic shifts over the past decade may have influenced the ongoing development of affordable housing to maintain accessibility for diverse residents.
