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Affordable Housing in Zip Code 60656: The Pavilion Apartments' Long-standing Contribution
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 60656, located in Chicago, Illinois, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 1,114 total affordable units, all of which are designated as low-income units. Based on the estimated 9,614 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 11.6% of the area's housing inventory. This proportion indicates a substantial presence of affordable housing in the community.
The LIHTC program has invested $61,091 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of about $55 per unit. Zip code 60656 accounts for 1% of the total LIHTC funding allocated to the state of Illinois. The Pavilion Apartments, completed in 1994, is a notable project in the area. This development has provided affordable housing options for nearly three decades, demonstrating a long-standing commitment to affordable housing in the community.
The Pavilion Apartments houses all 1,114 LIHTC-funded units in the zip code, offering a diverse range of living spaces. The unit breakdown includes 183 efficiencies, 636 one-bedroom units, 283 two-bedroom units, 9 three-bedroom units, and 3 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, the population in zip code 60656 has shown fluctuations, with a general upward trend from 23,061 in 2010 to 25,092 in 2022. The median income has also increased, rising from $65,552 in 2013 to $73,647 in 2022, indicating overall economic growth in the area.
Racial demographics have shifted slightly, with the white population decreasing from 76% in 2013 to 68% in 2022. Concurrently, there have been increases in Asian (4% to 8%), Black (0% to 4%), and Hispanic (12% to 17%) populations. This trend towards greater diversity might influence future affordable housing needs and considerations.
Despite these demographic changes, no new LIHTC projects have been developed in the last decade. This suggests that the existing affordable housing stock, combined with other non-LIHTC affordable housing options, may be meeting the current needs of the community. However, ongoing monitoring of demographic trends and housing affordability will be crucial for future planning.
Zip code 60656 in Chicago has a significant LIHTC-funded affordable housing presence, with 1,114 units comprising about 11.6% of the estimated housing inventory. The Pavilion Apartments, completed in 1994, forms the cornerstone of this affordable housing stock, offering a range of unit sizes to accommodate diverse household needs. The area has experienced population growth and increased diversity over the past decade. The changing demographics and rising median income suggest a dynamic community that may require ongoing assessment of its affordable housing needs to ensure they continue to be met effectively.
