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Affordable Housing in Zip Code 60050: LIHTC's Impact on McHenry, Illinois
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 60050, located in McHenry, Illinois, encompasses an area of 26.15 square miles with a population of 28,270 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has contributed to affordable housing in this zip code, funding 99 total units, of which 79 are designated as low-income units. These LIHTC-funded affordable housing units represent approximately 0.91% of the zip code's estimated housing inventory of 10,831 units.
The LIHTC project in zip code 60050 received $355,837 in tax credits, resulting in an average of $3,594 per unit in federal funding. This investment accounts for 0.04% of the total LIHTC funding allocated to Illinois. The zip code contains one LIHTC-funded project, "Living Springs Of Mchenry Slf," which was completed in 2008, indicating over a decade of affordable housing presence in the area.
The project comprises 46 efficiency units and 53 one-bedroom units, primarily serving individuals or small households. This composition suggests a focus on housing for seniors or single working adults.
Over the past decade, the population of zip code 60050 has remained relatively stable, with minor fluctuations. The median income has demonstrated a general upward trend, increasing from $74,674 in 2013 to $78,868 in 2022. This rise in median income may indicate a growing need for affordable housing options to maintain economic diversity in the area.
Racial demographics in zip code 60050 have remained largely consistent, with a slight increase in diversity. The white population decreased from 84% in 2013 to 79% in 2022, while the Hispanic population increased from 11% to 16% during the same period. This demographic shift could suggest a changing need for culturally diverse housing options.
Zip code 60050 has a single LIHTC-funded affordable housing project that provides 99 units, contributing to the area's housing diversity. While this represents a small percentage of the estimated housing stock, it offers essential housing options for low-income residents. The project's focus on efficiency and one-bedroom units aligns with the needs of smaller households. The zip code's rising median income and slight increase in racial diversity over the past decade highlight the ongoing importance of maintaining and potentially expanding affordable housing options to ensure a balanced community.
