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Affordable Housing in Zip Code 60150: Malta's LIHTC-Funded Units
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 60150, located in Malta, Illinois, contains a specific LIHTC-funded affordable housing inventory. This area has 12 affordable units, all of which are designated as low-income units. Based on the 2022 population of 1,991 and an estimated 763 housing units, the LIHTC-funded affordable housing comprises approximately 1.57% of the zip code's estimated housing inventory.
The LIHTC program has invested $16,839 in tax credits for affordable housing projects in zip code 60150. This equates to an average federal funding of $1,403 per unit. The affordable housing history in this zip code dates back to 1988 with the completion of Malta Manor, which remains the only LIHTC-funded project in the area. This 12-unit development consists of 4 one-bedroom and 8 two-bedroom units, providing a mix of housing options for low-income residents.
Over the past decade, zip code 60150 has experienced significant demographic changes. The population has increased from 1,687 in 2013 to 1,991 in 2022, representing a 17.9% growth. Median income has also risen substantially, from $58,280 in 2013 to $86,791 in 2022, indicating a 48.9% increase.
The racial distribution in zip code 60150 has shown notable shifts. The white population percentage decreased from 94% in 2013 to 78% in 2022. In contrast, the Hispanic population increased from 2% to 15% during the same period. The Black population also experienced a slight increase from 1% to 3%.
Despite these demographic changes, no new LIHTC projects have been developed in zip code 60150 in the last decade. This lack of development may be attributed to the rising median income, which could indicate a reduced need for additional affordable housing units. However, the growing population and increasing diversity might potentially create new demands for affordable housing in the future.
Zip code 60150 in Malta, Illinois, has a small but established LIHTC-funded affordable housing presence, with 12 units constructed in 1988. These units represent approximately 1.57% of the estimated housing inventory. The area has experienced significant population growth and income increases over the past decade, along with changes in racial composition. However, no new LIHTC projects have been developed during this time. The existing affordable housing continues to serve the needs of low-income residents, but changing demographics may influence future affordable housing needs in this zip code.
