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Affordable Housing Analysis in Zip Code 62530: LIHTC Funded Units in Divernon, 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 62530, located in Divernon, Illinois, contains 14 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units constitute approximately 4.3% of the estimated 324 total housing units in the zip code, based on the 2022 population of 846 and national average household size. The LIHTC program has allocated $44,825 in tax credits for affordable housing projects in this zip code, averaging $3,202 per unit. This funding represents 0.01% of the total LIHTC allocation for Illinois.
Affordable housing development in zip code 62530 began in 1989 with the completion of the Village Apts Of Divernon project. The most recent project, Country Side Manor, was completed in 1996, indicating a 7-year span of affordable housing development. The 1980s saw the most significant affordable housing activity in this area. The current inventory consists of 9 one-bedroom units and 5 two-bedroom units, suggesting a focus on accommodating smaller households or individuals.
Demographic trends in zip code 62530 over the past decade show a declining population, from 977 in 2013 to 846 in 2022. The median income has fluctuated, reaching a peak of $70,606 in 2019 before decreasing to $57,789 in 2022. The racial composition has remained predominantly white, consistently above 95% throughout the decade, with slight increases in diversity in recent years, including small percentages of Black, Hispanic, and Asian residents.
The absence of new LIHTC projects in the last decade may be attributed to the overall population decline and relatively stable median income levels, potentially indicating a reduced need for additional affordable housing units in zip code 62530. The existing affordable housing stock, focusing on one and two-bedroom units, appears to serve the needs of smaller households in the area.
In summary, zip code 62530 maintains a modest LIHTC-funded affordable housing presence, with 14 units comprising about 4.3% of the estimated housing inventory. The area received $44,825 in LIHTC funding, averaging $3,202 per unit. Affordable housing development occurred primarily in the late 1980s and mid-1990s, with no new projects in the last decade. Demographic trends, including a declining population and fluctuating median income, may explain the lack of recent affordable housing development. Despite these changes, the racial composition has remained predominantly white with slight increases in diversity in recent years.
