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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 60439 in Lemont, Illinois, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides 43 low-income units. The estimated housing inventory of 9,735 units is based on the 2022 population. LIHTC-funded affordable housing comprises approximately 0.44% of the zip code's housing stock.
The LIHTC program has allocated $316,994 in tax credits to this zip code, with an average of $7,372 per unit. This funding represents 0.04% of Illinois' total LIHTC allocation, indicating a relatively small portion of the state's affordable housing efforts.
The sole LIHTC project in this zip code, Lemont Senior Housing, was completed in 2000. This project has been providing affordable housing options for over two decades. All 43 units in this development are one-bedroom apartments, suggesting a focus on accommodating single residents or couples, particularly seniors.
Over the past decade, zip code 60439 has experienced moderate population growth, increasing from 24,194 in 2015 to 25,408 in 2022. The median income has risen substantially, from $97,869 in 2015 to $114,918 in 2022, indicating an overall increase in affluence.
The racial composition of the zip code has remained relatively stable, with a slight increase in diversity. The white population decreased marginally from 89% in 2015 to 88% in 2022, while the Asian population increased from 2% to 3%. The Hispanic population remained steady at around 7%.
Despite the rising median income, the lack of new LIHTC projects in the last decade might be attributed to the relatively high overall income levels in the area, potentially reducing the perceived need for additional affordable housing. However, it is important to note that even in affluent areas, there can still be a segment of the population requiring affordable housing options.
Zip code 60439 has a single LIHTC-funded affordable housing project, Lemont Senior Housing, which has been serving the community since 2000. This project provides 43 low-income units, representing a small fraction of the estimated housing inventory. The area has experienced moderate population growth and significant income increases over the past decade, with minimal changes in racial composition. The lack of recent LIHTC developments may be influenced by the area's rising affluence, though this does not necessarily negate the need for affordable housing options for all segments of the population.