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Affordable Housing Analysis in Zip Code 60617: LIHTC Funding 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 60617 in Chicago, Illinois, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The area encompasses 663 total units in LIHTC funded projects, with 358 designated as low-income units. Based on the 2022 population of 82,881 and an estimated 31,755 housing units, LIHTC funded affordable housing represents approximately 2.09% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 60617 have received $7,429,766 in tax credits, averaging $11,207 per unit in federal funding. This amount constitutes 0.92% of the total LIHTC funding allocated to Illinois, indicating a notable concentration of affordable housing investment in this area.
Affordable housing has been a consistent feature of zip code 60617 since 1988. The earliest project, Germano Millgate, and the most recent known completion, Victory Center of South Chicago in 2011, span over two decades of affordable housing development. The 1990s experienced the most activity, with four projects completed during this period, including Southeast Little Village and Commercial Ave Revitalization.
The LIHTC funded housing in zip code 60617 offers a diverse range of unit types. There are 150 efficiencies, 172 one-bedroom units, 213 two-bedroom units, 44 three-bedroom units, and 3 four-bedroom units. This variety accommodates different household sizes and needs within the community.
Over the past decade, the population of zip code 60617 has remained relatively stable, fluctuating between 79,652 and 83,645 residents. The median income has demonstrated an overall upward trend, increasing from $41,828 in 2013 to $48,546 in 2022, with a peak of $52,397 in 2021. This gradual income growth may indicate a changing economic landscape in the area.
The racial composition of zip code 60617 has remained fairly consistent, with a slight shift in recent years. The Black population has marginally decreased from 56% in 2019 to 54% in 2022, while the Hispanic population has increased from 37% to 38% during the same period. The White population has held steady at around 6%.
Zip code 60617 in Chicago has an established foundation of LIHTC funded affordable housing, with projects spanning over two decades. While the LIHTC units represent a small percentage of the overall estimated housing inventory, they provide crucial affordable options for low-income residents. The area has experienced gradual income growth and slight shifts in racial composition over the past decade, which may influence future affordable housing needs and development in the zip code.
