Affordable Housing Analysis in Zip Code 60417: LIHTC Impacts and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
Zip code 60417, located in Crete, Illinois, has a population of 15,967 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 85 affordable housing units in this area, including 68 designated as low-income units. Based on the estimated housing inventory of 6,118 units, LIHTC-funded affordable housing comprises approximately 1.39% of the zip code's housing stock.
The LIHTC projects in zip code 60417 have received $697,183 in tax credits, averaging about $8,202 per unit. This funding represents 0.09% of the total LIHTC allocation for Illinois, indicating a relatively small but significant contribution to the state's affordable housing efforts. The zip code has seen LIHTC-funded affordable housing development spanning from 2006 to 2010, with St James Senior Housing completed in 2006 and St James Senior Estates II in 2010.
The housing inventory consists of 40 one-bedroom units and 45 two-bedroom units, catering to various household sizes. Both projects appear to focus on senior housing, suggesting a targeted approach to addressing the needs of the elderly population in the area. This four-year period marks the decade with the most affordable housing projects completed in zip code 60417.
Over the past decade, zip code 60417 has experienced demographic shifts. The population has slightly decreased from 16,075 in 2014 to 15,967 in 2022. The median income has shown an overall increase, rising from $73,620 in 2014 to $75,696 in 2022, with some fluctuations in between. Racial demographics have changed significantly, with the white population decreasing from 67% in 2014 to 49% in 2022, while the Black population increased from 23% to 39% during the same period. The Hispanic population remained relatively stable, growing slightly from 6% to 8%.
These demographic changes, particularly the increase in median income, may have influenced the lack of new LIHTC projects in zip code 60417 since 2010. However, the growing diversity in the population might suggest a potential need for reassessment of affordable housing requirements in the future. Ongoing monitoring of housing needs may be beneficial to ensure adequate affordable housing options for the changing population in zip code 60417.
Zip code 60417 has a modest LIHTC-funded affordable housing inventory, with 85 units developed between 2006 and 2010. These projects, focusing on senior housing, represent a small but important portion of the area's housing stock. The demographic shifts observed since the last LIHTC project was completed highlight the importance of continual evaluation of affordable housing needs in this zip code.
