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Affordable Housing Analysis in Zip Code 62265: Long-standing LIHTC Project in New Baden, 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 62265, located in New Baden, Illinois, contains a single Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. As of 2022, this area has a population of 4,591 and an estimated housing inventory of 1,759 units. The LIHTC program has funded 4 affordable housing units in this zip code, all of which are designated as low-income units. This LIHTC funded affordable housing comprises approximately 0.23% of the estimated housing inventory in the zip code.
The LIHTC program has invested $18,133 in tax credits for affordable housing projects in zip code 62265. With 4 total units funded, this equates to an average federal funding of $4,533.25 per unit. The sole LIHTC funded project in this area is Southern Illinois Manor, completed in 1993. This project has been providing affordable housing options in the zip code for nearly three decades.
Southern Illinois Manor consists of 3 two-bedroom units and 1 three-bedroom unit, offering a mix of housing options for different family sizes. The project does not have a specified target population, suggesting it may serve a diverse range of low-income residents.
Over the past decade, zip code 62265 has experienced some demographic shifts. The population has remained relatively stable, with a slight decrease from 4,682 in 2014 to 4,591 in 2022. However, the median income has shown significant growth, rising from $72,100 in 2014 to $81,329 in 2022, indicating an overall improvement in economic conditions.
Racial demographics have also seen some changes. The white population has decreased slightly from 93% in 2014 to 88% in 2022. Meanwhile, there has been a modest increase in diversity, with the Hispanic population growing from 2% to 7% during the same period.
Despite these demographic shifts, there have been no new LIHTC projects in zip code 62265 in the last decade. This could be due to the rising median income, which might indicate a reduced need for additional affordable housing in the area.
The zip code 62265 has a small but long-standing LIHTC funded affordable housing presence, with Southern Illinois Manor providing 4 low-income units since 1993. While this represents a small fraction of the estimated housing inventory, it has been a consistent source of affordable housing for nearly 30 years. The area has seen economic growth and slight increases in diversity over the past decade, which may influence future affordable housing needs and development in the zip code.
