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Affordable Housing Dynamics in Marshall, Illinois: Zip Code 62441's LIHTC Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Marshall zip code 62441 in Illinois possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 71 total affordable units, all of which are categorized as low-income units. Based on the 2022 population, the estimated number of housing units in the zip code is 2,592, with LIHTC funded affordable housing comprising approximately 2.74% of the estimated housing inventory.
The LIHTC projects in zip code 62441 have received $1,965,395 in project tax credits, resulting in an average of about $27,682 per unit in federal funding. This zip code accounts for 0.24% of the total state LIHTC funding, indicating a relatively small portion of Illinois' overall affordable housing investment.
Affordable housing has been present in this zip code since 1988, beginning with the completion of Stephen's Apts. The most recent project, Marshall Springs Apts, was completed in 2011, encompassing over two decades of affordable housing development. The 1980s and 2010s were the most active periods for affordable housing construction in this area.
The affordable housing inventory in zip code 62441 consists primarily of one-bedroom and two-bedroom units. There are 41 one-bedroom units, 28 two-bedroom units, and 2 three-bedroom units. This distribution suggests a focus on housing for smaller households or individuals.
Over the past decade, the population in zip code 62441 has exhibited a slight decline, decreasing from 7,319 in 2013 to 6,764 in 2022. Despite this population decrease, the median income has increased significantly, rising from $59,581 in 2013 to $71,264 in 2022. This income growth may indicate changing economic conditions in the area.
The racial composition of zip code 62441 has remained relatively stable, with the white population consistently representing about 96-97% of residents. There has been a slight increase in racial diversity, with the Hispanic population growing from 0% in 2013 to 1% in 2022, and the two or more races category increasing from 0% to 2% during the same period.
The LIHTC funded affordable housing in zip code 62441 represents a small but significant portion of the estimated housing inventory. While the area has experienced a slight population decline, median incomes have risen, potentially affecting affordable housing needs. The existing LIHTC projects, developed primarily in the 1980s and 2010s, provide a mix of unit types, with a focus on one and two-bedroom apartments. The racial composition of the area has remained predominantly white, with slight increases in diversity over the past decade.
