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Affordable Housing in Zip Code 60538: Montgomery's LIHTC-Funded Senior Apartments
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 60538 in Montgomery, Illinois, contains a single Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, known as Montgomery Farms Senior Apartments, was completed in 1997 and has been providing affordable housing options for over two decades. The project consists of 122 low-income units, which represents approximately 1.2% of the estimated 10,148 total housing units in the zip code.
The LIHTC program has allocated $643,640 in tax credits for affordable housing in this zip code. This allocation translates to an average federal funding of $5,276 per unit. The zip code 60538 accounts for 0.08% of the total LIHTC funding allocated to Illinois. The Montgomery Farms Senior Apartments project includes 6 one-bedroom units and 62 two-bedroom units, catering to various household sizes within the low-income senior community.
Demographic trends in zip code 60538 over the past decade may influence affordable housing needs. The population has fluctuated, reaching a peak of 27,778 in 2019 before decreasing to 26,487 in 2022. Median income has generally increased, reaching $84,277 in 2022, which may affect the demand for affordable housing.
Racial demographics in zip code 60538 have shifted between 2015 and 2022. The Hispanic population has increased from 24% to 32%, while the white population has decreased from 64% to 59%. The black population has remained relatively stable at approximately 5%. These changes in racial composition may influence future affordable housing needs and strategies.
In summary, zip code 60538 in Montgomery, Illinois, features a single LIHTC-funded affordable housing project that has served the community for over 25 years. The Montgomery Farms Senior Apartments provide 122 low-income units, representing a small portion of the total housing inventory in the area. Recent years have seen demographic changes in the zip code, including shifts in population, income levels, and racial composition, which may impact future affordable housing needs. The long-term presence of this project demonstrates a sustained commitment to providing affordable housing options for seniors in this community.
