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Affordable Housing in Zip Code 60148: LIHTC-Funded Inventory and Demographic Trends in Lombard, 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 60148 in Lombard, Illinois, contains a specific inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area encompasses 40 total units in LIHTC funded projects, with 4 units designated as low-income. Based on the 2022 population of 52,978 and an estimated 20,298 housing units, the LIHTC funded affordable housing represents approximately 0.2% of the zip code's estimated housing inventory.
The LIHTC program has invested $191,652 in tax credits for affordable housing projects in this zip code. This investment equates to an average federal funding of $4,791 per unit across all LIHTC funded projects. Zip code 60148 accounts for 0.02% of the total LIHTC funding allocated to the state of Illinois.
The affordable housing landscape in this zip code is represented by a single project, Finley Place Apartments, completed in 2002. This project has been providing affordable housing options in the area for over two decades. Finley Place Apartments offers a mix of unit types, including 17 one-bedroom units, 17 two-bedroom units, and 6 three-bedroom units. This distribution caters to various household sizes and needs within the community.
Over the past decade, zip code 60148 has experienced slight fluctuations in population, with a general upward trend from 52,332 in 2013 to 52,978 in 2022. The median income has also increased, rising from $82,299 in 2013 to $89,514 in 2022, indicating overall economic growth in the area.
The racial composition of the zip code has become more diverse over the years. The percentage of white residents decreased from 77% in 2013 to 66% in 2022, while the Asian population increased from 7% to 12%. The Hispanic population also grew slightly from 8% to 12% during this period. This demographic shift suggests a growing need for diverse housing options to accommodate various cultural backgrounds.
The LIHTC funded affordable housing in zip code 60148 represents a small but significant portion of the housing inventory. With one project providing 40 units, including 4 low-income units, the program has made a targeted investment in the area. The demographic trends over the past decade, including population growth, rising median income, and increasing diversity, highlight the ongoing importance of maintaining and potentially expanding affordable housing options to meet the evolving needs of the community.
