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Affordable Housing Analysis in Zip Code 60510: LIHTC Investment and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 60510 in Batavia, Illinois, contains 148 units of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 137 designated as low-income units. This represents approximately 1.22% of the estimated 12,113 housing units in the zip code, based on the 2022 population of 31,614. The LIHTC program has invested $669,669 in tax credits in this zip code, averaging $4,524 per unit. This investment accounts for 0.08% of the total LIHTC funding allocated to Illinois.
Affordable housing development in zip code 60510 spans nearly two decades. The initial LIHTC project, Heritage Woods of Batavia, was completed in 2003, while the most recent, Heritage Woods of Batavia II, was finished in 2008. The 2000s marked the period of most significant affordable housing development activity in this zip code. The LIHTC-funded housing inventory comprises 67 efficiencies, 80 one-bedroom units, and 1 three-bedroom unit, indicating a focus on smaller households or individuals.
The population of zip code 60510 has remained relatively stable over the past decade, fluctuating between 31,000 and 32,000 residents. The median income has increased from $103,485 in 2017 to $110,112 in 2022. This rise in median income may explain the absence of new LIHTC projects in recent years, as the area's overall economic profile has shifted.
Racial demographics in zip code 60510 have remained fairly consistent, with a slight decrease in the white population from 87% in 2017 to 82% in 2022. There has been a small increase in diversity, with modest growth in Hispanic, Asian, and multi-racial populations. These demographic shifts, while minor, could influence future affordable housing needs in the area.
Zip code 60510 has an established LIHTC-funded affordable housing presence, representing about 1.22% of the estimated housing inventory. The area received significant LIHTC investment in the early to mid-2000s, resulting in two projects that continue to serve the community. While no new LIHTC projects have been developed in recent years, possibly due to rising median incomes, the existing affordable housing units continue to play a role in the area's housing landscape. The demographic trends suggest a slowly diversifying population, which may impact future affordable housing needs in this zip code.
