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Affordable Housing Analysis in Zip Code 61054: LIHTC-Funded Projects 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
Mount Morris, located in zip code 61054 in Illinois, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consisting of 24 total affordable units, all of which are designated as low-income units. Based on the estimated 1,434 housing units in the zip code, the LIHTC funded affordable housing covers approximately 1.67% of the total housing inventory. This suggests that LIHTC funded projects contribute a small portion to the area's affordable housing needs.
The LIHTC program has provided $38,930 in project tax credits for affordable housing in this zip code. This translates to an average federal funding of $1,622 per unit. The zip code has one LIHTC funded project, Northland Mt Morris Apts, which was completed in 1993. This indicates that affordable housing has been present in the area for about three decades.
The Northland Mt Morris Apts project consists of 24 units, with a mix of different unit sizes. Specifically, it includes 6 one-bedroom units, 12 two-bedroom units, and 6 three-bedroom units. This diverse range of unit sizes suggests an effort to accommodate various household sizes and needs within the affordable housing development.
Over the past decade, the zip code has experienced a gradual decline in population, from 4,266 in 2015 to 3,743 in 2022. Despite this population decrease, the median income has shown an overall upward trend, rising from $38,413 in 2015 to $47,076 in 2022. This increase in median income might indicate a changing economic landscape in the area.
The racial composition of the zip code has remained predominantly white, with a slight decrease from 95% in 2015 to 91% in 2022. There has been a small increase in diversity, with slight growth in Hispanic, Black, and multi-racial populations. These demographic shifts, while modest, could potentially influence future affordable housing needs in the area.
The LIHTC funded affordable housing in zip code 61054 represents a small but significant portion of the area's housing inventory. The single project, Northland Mt Morris Apts, has provided 24 low-income units since 1993, offering a mix of unit sizes to accommodate different household needs. While the population has decreased slightly over the past decade, median income has increased, potentially affecting the demand for affordable housing. The area remains predominantly white, with a slight increase in diversity in recent years. These demographic trends may inform future affordable housing strategies in the zip code.
