Loading Content...
Affordable Housing in Zip Code 60545: LIHTC Funding and Demographic Trends in Plano, Illinois
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 60545, located in Plano, Illinois, contains 42 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, are situated within a 37.77 square mile area that had a population of 16,068 in 2022. The LIHTC funded housing represents approximately 0.68% of the estimated 6,156 housing units in the zip code.
The LIHTC program has invested $92,280 in tax credits for affordable housing projects in zip code 60545. This equates to an average federal funding of $2,197 per unit. The zip code accounts for 0.01% of the total state LIHTC funding. The first LIHTC project, Midland-Plano (Deer Run Apts), was completed in 1991, and the most recent, Kingsfield Apts, was finished in 2002.
The LIHTC funded housing inventory in zip code 60545 consists of 25 one-bedroom units, 14 two-bedroom units, and 3 three-bedroom units. This distribution accommodates various household sizes, with a focus on smaller families or individuals.
The population in zip code 60545 increased from 14,236 in 2013 to 16,068 in 2022, a growth of approximately 12.9%. During this period, the median income fluctuated, peaking at $99,799 in 2019 before decreasing to $85,057 in 2022. This overall increase in median income may indicate a reduced need for additional affordable housing in recent years.
The racial composition of zip code 60545 has remained relatively stable. The white population consistently represents the majority, comprising 64% in 2022. There has been a slight increase in diversity, with the Hispanic population growing from 27% in 2013 to 30% in 2022, and the Asian population increasing from less than 1% to 2% over the same period.
Zip code 60545 has a modest but significant LIHTC funded affordable housing presence, with 42 units serving low-income residents. These units play an important role in providing affordable options, despite representing a small percentage of the estimated housing inventory. The area has experienced population growth and income fluctuations over the past decade, which may influence future affordable housing needs. The racial composition has remained relatively stable with a slight trend towards increased diversity. These demographic shifts, combined with the existing LIHTC inventory, provide context for understanding the affordable housing landscape in zip code 60545.
