Loading Content...
Affordable Housing Analysis in Zip Code 62664: LIHTC Inventory 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 62664 in Illinois, which includes Mason City, covers an area of 93.25 square miles. This rural zip code has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consisting of 18 total units, all of which are designated as low-income units. Based on the estimated 1,108 housing units in the zip code, the LIHTC funded affordable housing covers approximately 1.62% of the local housing inventory.
The LIHTC program has invested $34,196 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $1,900 per unit. The zip code has two LIHTC funded projects: Mason City Manor Apts, completed in 1992, and Cila Home/Mason City Il #1, completed in 1998. These projects demonstrate a span of at least six years during which affordable housing has been present in the area.
The 1990s saw the most affordable housing activity in this zip code. Breaking down the unit types, there are 7 one-bedroom units and 2 two-bedroom units among the LIHTC funded projects. Neither project has a specified target population, suggesting they serve general low-income residents.
Over the past decade, the zip code's population has fluctuated, with a slight overall decline from 3,141 in 2010 to 2,892 in 2022. The median income has shown a general upward trend, rising from $43,032 in 2013 to $56,341 in 2022. The racial composition has remained predominantly white, consistently above 95% throughout the decade.
The lack of new LIHTC projects in recent years could be attributed to the relatively stable population and increasing median income, which may indicate a reduced need for additional low-income housing units.
Zip code 62664 has a small but established LIHTC funded affordable housing inventory, with 18 units spread across two projects completed in the 1990s. While this represents a small percentage of the estimated housing stock, it has provided consistent low-income housing options for nearly three decades. The area's demographic trends, including a stable population and rising median income, may explain the absence of newer LIHTC projects. However, a more comprehensive analysis of all affordable housing programs would be necessary to fully assess whether the current inventory meets the area's needs.
