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Affordable Housing Analysis in Zip Code 61801: LIHTC 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
Zip code 61801, located in Urbana, Illinois, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The area has 301 total units in LIHTC funded projects, with 252 designated as low-income units. Based on an estimated housing inventory of 10,036 units, LIHTC funded affordable housing comprises approximately 3% of the zip code's housing stock.
The LIHTC program has made substantial investments in this zip code, with project tax credits totaling $3,393,436. This equates to an average federal funding of about $11,273 per unit in LIHTC funded projects. Zip code 61801 accounts for 0.42% of the total LIHTC funding allocated to the state of Illinois.
Affordable housing has been present in this community for over two decades. The initial LIHTC project, Oakwood Trace Townhomes, was completed in 2002, while the most recent addition, Hamilton On The Park, was finished in 2013. The 2010s experienced the most activity in LIHTC development, with projects such as Crystal View Townhomes and Hamilton On The Park being completed during this period.
The LIHTC funded housing stock in zip code 61801 offers a variety of unit types. The inventory includes 10 one-bedroom units, 123 two-bedroom units, 41 three-bedroom units, and 4 four-bedroom units. This distribution indicates a focus on accommodating families of various sizes.
Zip code 61801 has experienced demographic changes over the past decade. The population has decreased from 28,111 in 2020 to 26,194 in 2022. However, the median income has increased from $40,190 in 2020 to $41,065 in 2022.
The racial distribution in the area has remained relatively stable. The white population has maintained a majority at approximately 56%. The Asian population has slightly decreased from 18% to 15%. The Black population has increased from 15% to 16%, and the Hispanic population has grown from 8% to 9%.
Zip code 61801 in Urbana, Illinois, demonstrates an ongoing commitment to affordable housing through the LIHTC program. LIHTC funded units represent a small portion of the overall housing stock but provide essential low-income housing options. The area has seen consistent development of affordable housing projects over the past two decades, with increased activity in the 2010s. Despite recent population declines, the median income has grown, and the racial composition has remained relatively stable with slight increases in diversity. These demographic trends, combined with existing LIHTC investments, suggest a continued need for affordable housing options in this community.
