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Affordable Housing Analysis in Zip Code 62298: LIHTC Investments in Waterloo, 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
Zip code 62298 in Waterloo, Illinois, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 90 units. All units are designated as low-income. Based on the 2022 population of 17,052 and an estimated 6,533 housing units, LIHTC funded affordable housing comprises approximately 1.38% of the estimated housing inventory in the zip code.
The LIHTC program has invested $470,483 in tax credits for affordable housing projects in zip code 62298. This equates to an average federal funding of $5,227 per unit. Zip code 62298 accounts for 0.06% of the total LIHTC funding in Illinois. Affordable housing has been present in this zip code since at least 1997, with the completion of Monroe County Apts. The most recent projects, Bella Vista Apts (Senior) and Bella Vista Apts (Family), were completed in 2010, indicating over a decade of LIHTC-supported housing development in the area.
The LIHTC-funded housing inventory in zip code 62298 consists of 41 one-bedroom units, 38 two-bedroom units, and 2 three-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially senior residents.
Over the past decade, zip code 62298 has experienced modest population growth, increasing from 16,345 in 2013 to 17,052 in 2022. The median income has also shown an upward trend, rising from $77,607 in 2013 to $84,705 in 2022. Despite these economic improvements, the presence of LIHTC projects indicates an ongoing need for affordable housing options in the area.
The racial composition of zip code 62298 has remained relatively stable, with a predominant white population (96-97%) throughout the decade. There has been a slight increase in diversity, with small percentages of Asian, Hispanic, and multi-racial residents.
Zip code 62298 in Waterloo, Illinois, has a small but significant LIHTC-funded affordable housing inventory, covering about 1.38% of the estimated housing units. The area has seen consistent investment in affordable housing since 1997, with the most recent projects completed in 2010. The housing stock primarily consists of one and two-bedroom units, potentially catering to smaller households and seniors. Despite rising median incomes and a growing population, the presence of these LIHTC projects underscores the continued importance of affordable housing options in the community.
