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Affordable Housing in Zip Code 60652: LIHTC's Impact on Chicago's Changing Demographics
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 60652 in Chicago, Illinois, encompasses a diverse affordable housing landscape influenced by the Low-Income Housing Tax Credit (LIHTC) program. This area contains 85 units in LIHTC-funded projects, with 76 designated as low-income units. As of 2022, the zip code had a population of 40,434 and an estimated 15,492 housing units, indicating that LIHTC-funded affordable housing comprises approximately 0.55% of the zip code's estimated housing inventory.
The LIHTC program has allocated $1,275,000 in tax credits for affordable housing projects in zip code 60652. This equates to an average federal funding of $15,000 per unit in LIHTC-funded projects. Notably, this zip code represents 0.16% of the total LIHTC funding distributed to the state of Illinois.
Wrightwood Senior Apts, completed in 2010, is the primary LIHTC-funded project in the area. This development has provided affordable housing options for over a decade, demonstrating a sustained commitment to addressing housing needs in the community. The housing mix in LIHTC-funded projects consists of 5 efficiencies, 7 one-bedroom units, and 1 two-bedroom unit. This distribution suggests a focus on accommodating smaller households and potentially senior residents, as indicated by the project's name.
Zip code 60652 has experienced demographic shifts over the past decade. The population has remained relatively stable, increasing slightly from 40,212 in 2010 to 40,434 in 2022. The median income has shown an upward trend, rising from $74,518 in 2013 to $76,074 in 2022, indicating a gradual improvement in economic conditions.
Racial demographics in zip code 60652 have undergone notable changes. The Black population has decreased from 47% in 2013 to 40% in 2022, while the Hispanic population has increased from 35% to 48% during the same period. The White population has seen a slight decrease from 15% to 9%. These shifts may influence future affordable housing needs and targeted populations.
The affordable housing landscape in zip code 60652 is characterized by a single LIHTC-funded project, Wrightwood Senior Apts, which has been serving the community since 2010. While the LIHTC-funded units represent a small percentage of the overall housing stock, they play a crucial role in providing affordable options, particularly for seniors. The area has experienced demographic changes over the past decade, with a rising Hispanic population and increasing median income. These trends may inform future affordable housing initiatives and policy decisions in the zip code.
