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Affordable Housing Analysis in Zip Code 62047: LIHTC Funded Inventory in Hardin, 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 62047, located in Hardin, Illinois, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 22 affordable housing units, with 13 designated as low-income units. Based on the 2022 population of 884 and an estimated 339 housing units, the LIHTC funded affordable housing comprises approximately 6.5% of the zip code's estimated housing inventory.
The LIHTC program has invested $29,155 in project tax credits for this zip code. With 22 total units funded, this equates to an average federal funding of about $1,325 per unit. The affordable housing presence in this zip code spans from 1992 to 1994, indicating a two-year period of LIHTC development activity.
The 1990s saw the completion of both LIHTC projects in this zip code. The Miller-Hardin Apts, completed in 1992, was the first project, followed by Miller Hardin Apts II in 1994. These projects have provided affordable housing options for residents for nearly three decades.
The inventory consists primarily of one-bedroom units, with 10 such units available. Additionally, there are 3 two-bedroom units. This distribution suggests a focus on accommodating smaller households or individuals in need of affordable housing options.
Over the past decade, the population in this zip code has shown a decline, from 1,233 in 2013 to 884 in 2022. Despite this population decrease, the median income has increased, rising from $55,191 in 2013 to $71,514 in 2022. This trend may indicate a changing economic landscape in the area.
The racial composition of the zip code has remained predominantly white, with a slight increase in diversity over the years. In 2013, the white population constituted 99% of the total, while in 2022, it was 98%, with 1% identifying as Black and 1% as two or more races.
The 62047 zip code in Hardin, Illinois, has a LIHTC funded affordable housing inventory that covers about 6.5% of the estimated housing stock. The area experienced LIHTC development activity in the early 1990s, resulting in 22 affordable units, primarily consisting of one-bedroom apartments. While the population has decreased over the past decade, median income has risen, potentially impacting the demand for affordable housing. The racial composition has remained relatively stable, with a slight increase in diversity. These demographic shifts, coupled with the existing LIHTC inventory, provide a picture of the affordable housing landscape in this zip code.
