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Affordable Housing Analysis in Zip Code 60601: Randolph Tower City Apartments
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 60601, located in downtown Chicago, Illinois, encompasses part of the Loop area. This zip code contains one Low-Income Housing Tax Credit (LIHTC) funded project, providing 312 units, with 63 designated as low-income units. Based on an estimated 5,449 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 5.7% of the area's housing inventory.
The LIHTC project in zip code 60601 received $10,000,000 in tax credits, averaging about $32,051 in federal funding per unit. This funding represents 1.24% of Illinois' total LIHTC allocation. The sole LIHTC project in this area, Randolph Tower City Apartments, was completed in 2012, marking the introduction of LIHTC-funded affordable housing in this zip code.
The Randolph Tower City Apartments project offers a mix of unit types. Out of the 312 total units, there are 61 efficiencies, 207 one-bedroom units, and 44 two-bedroom units. This distribution suggests a focus on accommodating smaller households or individuals, aligning with the urban, downtown character of the area.
Over the past decade, zip code 60601 has experienced demographic shifts. The population grew from 11,995 in 2017 to 14,223 in 2022, an 18.6% increase. This growth indicates a rising demand for housing in the area.
Median income in zip code 60601 has fluctuated but remained high, increasing from $135,392 in 2017 to $132,901 in 2022. This high median income suggests that while there is a need for affordable housing, the area primarily caters to higher-income residents.
Racial demographics have also shifted in zip code 60601. The white population decreased from 70% in 2017 to 56% in 2022, while the Asian population increased from 16% to 25% during the same period. The Hispanic population increased slightly from 6% to 8%. These changes reflect a trend towards increased diversity in the area.
Zip code 60601 in downtown Chicago has one LIHTC-funded affordable housing project, Randolph Tower City Apartments, completed in 2012. This project provides 312 units, with 63 designated as low-income, covering about 5.7% of the estimated housing inventory. The area has seen significant population growth and demographic shifts over the past decade, with increasing diversity and consistently high median incomes. The LIHTC project contributes to the affordable housing stock in this high-income urban setting.
