Loading Content...
Affordable Housing Analysis in Zip Code 62274: LIHTC Funding and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 62274 in Pinckneyville, Illinois, encompasses 149.22 square miles and had a population of 7,223 in 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 30 affordable housing units in this zip code, with 3 units specifically designated as low-income. Based on an estimated 2,767 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 1.08% of the area's housing inventory.
The LIHTC program has invested $89,032 in tax credits for affordable housing projects in zip code 62274, representing 0.01% of Illinois' total LIHTC funding. This equates to an average of $2,967.73 of federal funding per unit. The sole LIHTC-funded project in this area is the Manors At Mason Woods, completed in 2004. This project has provided affordable housing options in the zip code for nearly two decades.
The Manors At Mason Woods project consists of 24 efficiency units and 6 one-bedroom units, primarily serving individuals or small households. The absence of larger units suggests that the project may not target families with children.
The population in zip code 62274 has remained relatively stable over the past decade, fluctuating between 6,900 and 7,300 residents. The median income has shown an upward trend, increasing from $47,817 in 2017 to $57,640 in 2022. This rise in median income may indicate a potential decrease in the need for affordable housing in the area.
Racial demographics in zip code 62274 have remained fairly consistent, with a slight increase in diversity. The white population has decreased marginally from 85% in 2013 to 86% in 2022, while the Black population has increased slightly from 9% to 11% during the same period. The Hispanic population has remained steady at around 3-4%.
The LIHTC program has made a modest contribution to affordable housing in zip code 62274, funding 30 units through a single project completed in 2004. While this represents a small percentage of the estimated housing inventory, other affordable housing programs may also operate in the area. The zip code has experienced slight population fluctuations and an increase in median income over the past decade, which may influence the demand for affordable housing. The racial composition has remained relatively stable, with a slight trend towards increased diversity.
