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Affordable Housing in Oak Park, Illinois: LIHTC Project Analysis in Zip Code 60302
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 60302 in Oak Park, Illinois, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This zip code has 51 affordable units, all categorized as low-income units. Based on the 2022 population of 32,566 and an estimated 12,477 housing units, the LIHTC-funded affordable housing comprises approximately 0.41% of the zip code's estimated housing inventory.
The LIHTC program has invested $1,504,000 in tax credits for affordable housing in zip code 60302. This investment equates to an average federal funding of $29,490 per unit. Zip code 60302 accounts for 0.19% of the total LIHTC funding allocated to Illinois.
Grove Apts, completed in 2014, is the only LIHTC-funded project in zip code 60302. This development marks the introduction of LIHTC-funded affordable housing to the area. All 51 units in Grove Apts are one-bedroom apartments, designed for smaller households or individuals.
The population in zip code 60302 has shown minimal change over the past decade, increasing slightly from 31,305 in 2020 to 32,566 in 2022. The median income has experienced minor fluctuations while remaining high, decreasing from $115,535 in 2020 to $113,401 in 2022.
Racial demographics in zip code 60302 have undergone slight changes. The white population decreased from 61% in 2020 to 60% in 2022, while the Black population increased from 20% to 21%. The Hispanic population remained at 8%, and the Asian population stayed at 5%. The percentage of residents identifying as two or more races decreased from 6% to 5% during this period.
Zip code 60302 in Oak Park, Illinois, contains one LIHTC-funded affordable housing project, Grove Apts, providing 51 one-bedroom units. This project, completed in 2014, represents 0.41% of the estimated housing inventory in the area. The zip code received $1,504,000 in LIHTC funding, accounting for 0.19% of Illinois' total LIHTC allocation. The presence of this affordable housing project in an area with a high median income suggests efforts to maintain economic diversity in the community. Demographic trends over the past decade indicate a stable population with minor shifts in racial composition.
