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Affordable Housing Analysis in Zip Code 61356: Two Decades of LIHTC Development in Princeton, Illinois
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 61356 in Princeton, Illinois, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 92 total units in LIHTC-funded projects, with 84 designated as low-income units. Based on the 2022 population of 11,916 and using the national average household size, there are approximately 4,566 housing units in this zip code. The LIHTC-funded affordable housing accounts for about 2% of the estimated housing inventory.
The LIHTC projects in zip code 61356 have received $664,392 in tax credits, averaging approximately $7,221 per unit. This zip code holds 0.08% of the total state LIHTC funding, indicating a relatively small but significant contribution to Illinois' affordable housing efforts.
The first LIHTC project in this zip code, Princeton Senior Housing, was completed in 1999. Two additional projects, Parkway Apts and Victor Meadows Phase II, were both completed in 2001. This indicates that affordable housing has been present in the zip code for over two decades, with the early 2000s being the most active period for LIHTC development.
The affordable housing inventory in zip code 61356 consists primarily of one-bedroom units, with 84 in total. There are also 6 two-bedroom units and 2 three-bedroom units. This distribution suggests a focus on housing for smaller households or individuals.
Over the last decade, the zip code's population has remained relatively stable, with a slight decrease from 12,210 in 2013 to 11,916 in 2022. The median income has shown an overall increasing trend, rising from $50,271 in 2013 to $56,957 in 2022, with some fluctuations in between. The racial composition has remained predominantly white, with a slight increase in diversity. The Hispanic population has grown from 6% in 2013 to 7% in 2022, while the Asian population has increased from less than 1% to 2% in the same period.
These demographic trends suggest a relatively stable community with modest income growth and increasing diversity. While no new LIHTC projects have been built in the last decade, the existing affordable housing continues to serve the community's needs.
The 61356 zip code area has a small but established LIHTC-funded affordable housing inventory, primarily developed in the early 2000s. With 92 total units, of which 84 are low-income, these projects provide affordable housing options for approximately 2% of the estimated housing stock. The focus on one-bedroom units suggests a target demographic of smaller households or individuals. While no new LIHTC projects have been developed recently, the area has experienced modest income growth and increased diversity over the past decade, indicating evolving housing needs that may require future consideration.
