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Affordable Housing in Zip Code 60408: LIHTC Funded Projects in Braidwood, 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 60408, located in Braidwood, Illinois, contains a total of 48 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 26 units designated as low-income. Based on the 2022 population of 6,139 and the national average household size, there are approximately 2,352 housing units in this zip code. LIHTC funded affordable housing comprises about 2.04% of the estimated housing inventory in zip code 60408.
The LIHTC program has invested $176,728 in project tax credits in zip code 60408, averaging $3,682 per unit across all LIHTC funded projects. This investment represents 0.02% of Illinois' total LIHTC funding. Affordable housing has been present in this zip code since 1987, with the completion of Braidwood Apts. The most recent project, Braidwood Senior Housing, was completed in 2006.
The LIHTC funded housing inventory in zip code 60408 consists primarily of one-bedroom units (36) and two-bedroom units (12). This distribution suggests a focus on accommodating smaller households and potentially seniors or individuals living alone.
Over the past decade, the population in zip code 60408 has remained relatively stable, fluctuating between 6,100 and 6,300 residents. The median income has shown an upward trend, increasing from $62,659 in 2015 to $71,827 in 2022. This rise in median income might indicate a decreasing need for additional affordable housing in recent years.
The racial composition of zip code 60408 has remained predominantly white, with a slight increase in Hispanic population from 3% in 2014 to 7% in 2022. This gradual diversification could potentially influence future affordable housing needs.
Zip code 60408 has a modest LIHTC funded affordable housing inventory, covering about 2% of the estimated housing stock. The area has seen two LIHTC projects completed between 1987 and 2006, with a focus on one and two-bedroom units. While the population has remained stable, rising median incomes and minimal racial diversification may have influenced the lack of recent LIHTC developments. The existing affordable housing stock continues to play a role in meeting the area's housing needs, though it represents a small portion of the overall housing inventory.
