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Affordable Housing in Chicago's Zip Code 60605: LIHTC Contributions and Demographic Shifts
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 60605 in Chicago, Illinois, is a densely populated urban area with a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This zip code encompasses part of the South Loop neighborhood, known for its mix of residential and commercial development.
The LIHTC program has contributed significantly to the affordable housing inventory in this area, with a total of 637 units in LIHTC-funded projects, of which 558 are designated as low-income units. Based on the estimated 12,379 housing units in the zip code, the LIHTC-funded affordable housing covers approximately 5.1% of the area's housing inventory.
The LIHTC projects in this zip code have received $1,487,272 in tax credits, which translates to an average of about $2,334 in federal funding per unit. This zip code holds 0.18% of the total state LIHTC funding, indicating a modest but notable share of Illinois' affordable housing investment.
Affordable housing has been a part of this zip code's landscape for over two decades. The first LIHTC project, Senior Suites of Central Station, was completed in 1996, while the most recent projects, FC Central Station Senior and 1251 S Michigan, were both completed in 2006. The early 2000s saw the most affordable housing development activity in this area, with three projects completed between 2000 and 2006.
The LIHTC-funded housing in this zip code offers a variety of unit types to accommodate different household sizes. There are 183 efficiencies, 260 one-bedroom units, and 77 two-bedroom units. This distribution suggests a focus on housing for individuals and smaller families.
One notable project, South Loop Apartments, completed in 2000, specifically targets individuals with special needs. This project demonstrates an effort to address the housing requirements of vulnerable populations within the community.
Over the past decade, the zip code has experienced significant demographic changes that may correlate with its affordable housing landscape. The population has grown substantially, from 26,158 in 2015 to 32,310 in 2022, indicating increasing housing demand. Median income has also risen, from $108,796 in 2015 to $120,473 in 2022, which might suggest a growing need for affordable housing options to maintain economic diversity in the area.
Racial demographics have remained relatively stable, with a slight decrease in the white population (from 57% in 2015 to 54% in 2022) and increases in Hispanic (from 4% to 10%) and multiracial (from 3% to 4%) populations. This gradual diversification could indicate a need for culturally sensitive affordable housing options.
In summary, zip code 60605 has an established foundation of LIHTC-funded affordable housing, with projects dating back to the mid-1990s. While the current inventory covers a small portion of the estimated housing units, it provides important options for low-income residents in an area with rising property values and incomes. The variety of unit types and the inclusion of special needs housing demonstrate efforts to meet diverse community needs. As the area continues to grow and evolve demographically, ongoing assessment of affordable housing requirements will be crucial to maintain a balanced and inclusive neighborhood.
