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Affordable Housing in Zip Code 60120: LIHTC-Funded Units in Elgin, 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 60120 in Elgin, Illinois, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 100 units. All of these units are designated as low-income units. The estimated housing inventory in this zip code is 21,881 units, based on the 2022 population and national average household size. LIHTC-funded affordable housing comprises approximately 0.46% of the zip code's housing stock.
The LIHTC program has allocated $1,381,347 in tax credits for affordable housing projects in zip code 60120. This equates to an average federal funding of $13,813 per unit. This zip code accounts for 0.17% of the total LIHTC funding allocated to Illinois. Affordable housing has been present in this zip code for nearly three decades, with the first project completed in 1993 and the most recent finished in 2012.
The LIHTC-funded projects in zip code 60120 offer a range of unit types. The 100 total units consist of 9 efficiencies, 63 one-bedroom units, 22 two-bedroom units, and 6 three-bedroom units. This distribution indicates a focus on accommodating smaller households and individuals.
The population in zip code 60120 has remained relatively stable over the past decade, fluctuating between 56,000 and 58,000 residents. The median income has shown an overall upward trend, increasing from $69,964 in 2013 to $73,935 in 2022, with some fluctuations in between. Racial demographics have shifted slightly, with the Hispanic population growing from 50% in 2013 to 53% in 2022, while the White population decreased from 34% to 30% during the same period. The Asian population has remained relatively stable at around 8-9%, and the Black population has fluctuated between 3-5%.
Zip code 60120 in Elgin, Illinois, has a modest LIHTC-funded affordable housing inventory, covering less than 1% of the estimated housing stock. The area has seen two LIHTC projects completed over nearly two decades, with the most recent addition in 2012. The affordable housing units are diverse, catering to various household sizes. The LIHTC program has made a contribution to affordable housing in this zip code, but the inventory remains limited compared to the overall housing stock. The demographic trends, including a growing Hispanic population and increasing median income, may continue to shape the need for affordable housing in this area.
