Loading Content...
Affordable Housing Analysis in Zip Code 60506: LIHTC Funding and Demographic Shifts in Aurora, Illinois
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 60506 in Aurora, Illinois, contains 186 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 0.9% of the estimated 20,691 housing units in the zip code. The LIHTC projects in this area have received $841,059 in tax credits, averaging $4,522 per unit. This allocation accounts for 0.1% of the total LIHTC funding for Illinois.
Affordable housing development in zip code 60506 began in 1997 with the completion of the YMCA Senior Living Center. The most recent project, Fox Shore Apartments, was completed in 2003, indicating a six-year period of LIHTC-funded construction in the area. The late 1990s and early 2000s were the most active years for affordable housing development in this zip code.
The affordable housing inventory in 60506 consists of 186 units with various configurations: 23 efficiencies, 118 one-bedroom units, 35 two-bedroom units, and 1 three-bedroom unit. The prevalence of one-bedroom units suggests a focus on accommodating smaller households or individuals.
Zip code 60506 has experienced demographic changes over the past decade. The population decreased from 58,490 in 2015 to 54,004 in 2022. Despite this decline, the median income increased from $69,820 in 2015 to $73,862 in 2022, indicating an overall improvement in economic conditions for residents.
Racial demographics in the zip code have also shifted. The Hispanic population increased from 35% in 2015 to 42% in 2022, while the white population decreased from 47% to 40% during the same period. The Black population remained relatively stable at around 12-13%. These changes suggest growing diversity in the area, which may influence future affordable housing needs.
In summary, zip code 60506 in Aurora, Illinois, has a modest but significant LIHTC-funded affordable housing presence, comprising about 0.9% of the estimated housing inventory. The area received substantial investment in affordable housing between 1997 and 2003, with an emphasis on smaller units. While the population has slightly decreased in recent years, rising median incomes and changing racial demographics indicate evolving community needs that may shape future affordable housing initiatives in the area.
