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Affordable Housing Analysis in Zip Code 61540: LIHTC-Funded River Valley 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 61540, located in Lacon, Illinois, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 18 total units, all designated as low-income units. This affordable housing covers approximately 2.2% of the estimated 819 housing units in the zip code. The LIHTC program has provided $31,739 in tax credits for affordable housing projects in this area, averaging about $1,763 per unit.
The zip code's LIHTC inventory consists of one project, River Valley Apts, completed in 1994. This project has been providing affordable housing options in the area for nearly three decades. River Valley Apts offers a mix of unit types, with 16 one-bedroom units and 2 two-bedroom units, suggesting a focus on accommodating smaller households or individuals.
Over the past decade, zip code 61540 has experienced a slight decline in population, from 2,419 in 2010 to 2,138 in 2022. Despite this decrease, the median income has shown an upward trend, rising from $58,151 in 2013 to $66,666 in 2022. This increase in median income might suggest a reduced demand for additional affordable housing units in recent years.
The racial composition of zip code 61540 has remained predominantly white, with minimal changes over the past decade. In 2022, the population was 94% white, with small percentages of other racial groups. The relative stability in racial demographics suggests that the existing LIHTC project continues to serve the local community's needs without significant shifts in population characteristics.
The 61540 zip code area has a single LIHTC-funded affordable housing project that has been serving the community for nearly 30 years. While the project covers only a small percentage of the estimated housing inventory, it provides 18 affordable units, primarily one-bedroom apartments. The area has seen a slight population decrease and an increase in median income over the past decade, which may influence the current demand for affordable housing. The long-standing presence of the River Valley Apts project demonstrates a continued commitment to providing affordable housing options in this community.
