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Affordable Housing Analysis in Zip Code 62561: Riverton's Longstanding LIHTC Project
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 62561, located in Riverton, Illinois, has a population of 4,957 as of 2022. This area has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing a total of 12 affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 1,899 units in the zip code, the LIHTC funded affordable housing covers approximately 0.63% of the area's housing stock.
The LIHTC project in this zip code received $17,913 in tax credits, averaging $1,493 per unit. This single project, Village Apts Of Riverton, was completed in 1992, indicating that affordable housing has been present in the zip code for over three decades. The project consists of 1 one-bedroom unit and 2 two-bedroom units, with the remaining units' configurations not specified.
Over the past decade, the population in this zip code has remained relatively stable, fluctuating between 4,769 and 4,957 residents. The median income has shown some variability, ranging from a low of $51,327 in 2020 to a high of $72,243 in 2018. The racial composition of the area has been predominantly white, consistently accounting for 97-99% of the population throughout the decade.
Despite the presence of an LIHTC project, no new affordable housing developments have been added in the past decade. This could be due to various factors, including stable population levels and relatively high median incomes in most years, which may indicate a limited need for additional affordable housing in the area.
Zip code 62561 in Riverton, Illinois, has a single LIHTC funded affordable housing project that has been serving the community since 1992. While this project provides 12 low-income units, it represents a small fraction of the estimated housing inventory in the area. The demographic trends over the past decade show a stable population and generally high median incomes, which may explain the lack of new LIHTC developments in recent years. However, it is important to note that other affordable housing programs not captured in this data may also be contributing to meeting the area's housing needs.
