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Affordable Housing in West Frankfort, Illinois Zip Code 62896: A Single LIHTC Project's Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
West Frankfort, Illinois, zip code 62896, contains 42 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units, all designated as low-income, represent approximately 0.95% of the estimated 4,410 housing units in the area.
The LIHTC program has invested $318,396 in tax credits for affordable housing projects in this zip code, averaging $7,581 per unit. This investment constitutes 0.04% of the total LIHTC funding allocated to Illinois.
Strawberry Meadows, completed in 2003, is the only LIHTC-funded project in zip code 62896. This development has provided affordable housing options for nearly two decades. It consists of 42 units: 7 one-bedroom, 26 two-bedroom, and 9 three-bedroom apartments, accommodating various household sizes.
Zip code 62896 has experienced a gradual population decline from 12,859 in 2013 to 11,509 in 2022. The median income fluctuated, rising from $37,857 in 2013 to $36,655 in 2022. The racial composition remained stable, with the white population consistently representing 96-97% of the total.
The absence of additional LIHTC projects in recent years may be attributed to the declining population and relatively stable median income, potentially indicating reduced demand for new affordable housing developments in the area.
In summary, zip code 62896 in West Frankfort, Illinois, has one LIHTC-funded affordable housing project, Strawberry Meadows, serving the community since 2003. While providing 42 low-income units, it represents a small fraction of the estimated housing inventory. Demographic trends over the past decade, including declining population and stable median income, may explain the lack of new LIHTC projects. Nevertheless, the existing LIHTC-funded housing continues to address affordable housing needs in the community.
