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Affordable Housing in Zip Code 60623: A Two-Decade Investment in Chicago's LIHTC Projects
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 60623 in Chicago, Illinois, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area has 1,884 total units in LIHTC-funded projects, including 737 designated low-income units. These projects represent approximately 6.1% of the estimated 30,900 housing units in the zip code.
The LIHTC projects in zip code 60623 have received $10,432,574 in tax credits, averaging about $5,537 per unit in federal funding. This amount constitutes 1.29% of Illinois' total LIHTC funding, indicating a notable concentration of affordable housing investment in this area.
Affordable housing development has been a consistent priority in this zip code from 1988 to 2011. The earliest project, "16Th & Homan Building," was completed in 1988, while the most recent, "Martin Luther King Apts," was finished in 2011. The late 1990s and 2000s experienced the highest development activity, with multiple projects completed during this period, including "Fountain View Apts" (2007) and "Lawndale Bond" (2008).
The LIHTC-funded projects in zip code 60623 offer a diverse range of unit types. The 1,884 total units consist of 23 efficiencies, 199 one-bedroom, 807 two-bedroom, 640 three-bedroom, and 181 four-bedroom units. This variety accommodates different household sizes and needs within the community.
Zip code 60623 has experienced demographic changes over the past decade. The population decreased from 91,779 in 2017 to 80,648 in 2022. Despite this decline, median income increased from $31,496 in 2017 to $37,310 in 2022, indicating some economic improvement in the area.
The racial composition of zip code 60623 has remained predominantly Hispanic, with an increase from 61% in 2017 to 65% in 2022. The Black population decreased from 35% to 30% during the same period. These demographic shifts may influence future affordable housing needs and strategies in the area.
Zip code 60623 has a substantial LIHTC-funded affordable housing inventory, representing about 6.1% of the estimated total housing stock. The area has received significant federal funding for these projects, accounting for 1.29% of Illinois' total LIHTC allocation. With a diverse range of unit types and projects spanning over two decades, the zip code demonstrates a long-term commitment to affordable housing. The decreasing population, rising median incomes, and shifting racial demographics may impact future affordable housing needs and development strategies in this Chicago community.
