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Affordable Housing Analysis: Zip Code 62948 in Herrin, Illinois and LIHTC Investment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 62948, located in Herrin, Illinois, has a population of 12,065 as of 2022 and an estimated housing inventory of 4,623 units. This area has received funding from the Low-Income Housing Tax Credit (LIHTC) program, which has financed 113 total units, including 77 designated low-income units. These LIHTC-funded affordable housing units constitute approximately 2.44% of the estimated housing inventory in the zip code.
The LIHTC program has invested $1,719,122 in tax credits for affordable housing projects in zip code 62948. This equates to an average federal funding of $15,213 per unit. This zip code accounts for 0.21% of the total LIHTC funding allocated to the state of Illinois.
The initial LIHTC project in this area, Hurricane Creek Apartments, was completed in 2001, while the most recent, Woodlawn Apartments, was finished in 2013. This indicates a span of at least 12 years of affordable housing development in the zip code. The 2000s saw the highest number of affordable housing projects completed, with two out of the three projects constructed during this period.
The LIHTC-funded housing inventory in zip code 62948 consists of 8 efficiencies, 27 one-bedroom units, 67 two-bedroom units, and 2 three-bedroom units. This distribution indicates a focus on accommodating smaller households and families.
Over the past decade, the population in zip code 62948 has remained relatively stable, with minor fluctuations. The median income has shown a gradual increase, rising from $45,555 in 2013 to $50,456 in 2022. This 10.76% increase in median income over the period may indicate a slight improvement in overall economic conditions.
Racial demographics have shown some changes, with the white population decreasing from 96% in 2013 to 88% in 2022. There has been a small increase in diversity, with slight growth in black, Hispanic, and multi-racial populations. These demographic changes may influence future affordable housing needs and development in the area.
Zip code 62948 has a modest LIHTC-funded affordable housing inventory, covering about 2.44% of the estimated housing stock. The area has seen consistent investment in affordable housing over more than a decade, with projects tailored to various household sizes. While the population has remained relatively stable, there have been gradual increases in median income and racial diversity. These factors may shape future affordable housing needs and development strategies in this zip code.
