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Affordable Housing Analysis in Zip Code 61873: A 30-Year LIHTC Project in St. Joseph, 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
The zip code 61873 in St. Joseph, Illinois, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, named Village Apts Of St Joseph, was completed in 1990 and provides 24 low-income units. These units represent approximately 1.02% of the estimated 2,353 housing units in the zip code, based on the 2022 population of 6,141.
The LIHTC project received $36,663 in tax credits, averaging $1,527.63 per unit in federal funding. The Village Apts Of St Joseph project consists of 8 one-bedroom units and 16 two-bedroom units, offering a mix of housing options for low-income residents. The project does not include efficiency units, three-bedroom, or four-bedroom units.
Over the past decade, the population in zip code 61873 has remained relatively stable, fluctuating between 6,100 and 6,500 residents. The median income has shown an overall increasing trend, rising from $82,564 in 2013 to $88,723 in 2022, with some fluctuations in between. This upward trend in median income might suggest a decreasing need for additional affordable housing in recent years.
The racial composition of zip code 61873 has remained predominantly white, consistently above 94% throughout the last decade. There has been a slight increase in diversity, with small increases in Asian, Black, Hispanic, and multi-racial populations, but these changes have been minimal.
The zip code 61873 in St. Joseph, Illinois, has a single LIHTC-funded affordable housing project that has been serving the community since 1990. While this project provides 24 low-income units, it represents a small fraction of the estimated housing inventory in the area. The stable population, increasing median income, and minimal changes in racial composition over the past decade suggest that the demand for additional affordable housing may not have significantly changed since the project's completion. However, other affordable housing programs not captured in this data may also be contributing to meeting the area's housing needs.
