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Affordable Housing in Zip Code 60950: A LIHTC Program Analysis in Manteno, Illinois
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 60950, located in Manteno, Illinois, contains 68 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units comprise approximately 1.56% of the estimated 4,368 housing units in the zip code, based on the 2022 population of 11,401. All 68 LIHTC-funded units are designated as low-income units.
The LIHTC program has invested $495,697 in project tax credits in this zip code, resulting in an average federal funding of $7,290 per unit. This investment represents 0.06% of the total LIHTC funding allocated to Illinois. Affordable housing has been present in this community for nearly three decades, with the first LIHTC project, Manteno Elderly Apartments, completed in 1995 and the most recent development, The Glen, finished in 2006.
The affordable housing inventory in zip code 60950 includes 35 one-bedroom units, 24 two-bedroom units, and 9 three-bedroom units. This range of unit sizes suggests an effort to accommodate various household compositions within the low-income population.
The population in zip code 60950 has remained relatively stable over the past decade, fluctuating between 11,000 and 11,400 residents. The median income has shown an overall upward trend, increasing from $71,701 in 2013 to $74,463 in 2022, with some fluctuations in between.
Racial demographics in zip code 60950 have experienced subtle shifts. The white population has decreased slightly from 91% in 2013 to 89% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 4% to 7% and the Black population from 2% to 3% during the same period.
The absence of new LIHTC projects in zip code 60950 over the last decade may be attributed to the relatively high and increasing median income, potentially indicating a reduced need for additional affordable housing units.
Zip code 60950 in Manteno, Illinois, has a modest but established affordable housing presence through the LIHTC program. The 68 low-income units, representing about 1.56% of the estimated housing inventory, have provided stable affordable housing options for nearly three decades. The area has experienced gradual demographic changes, including a slight increase in diversity and rising median incomes. While no new LIHTC projects have been developed in recent years, the existing inventory continues to play a crucial role in providing affordable housing options in this community.
