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Affordable Housing in Zip Code 61010: Analysis of LIHTC-Funded Units in Byron, 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
Zip code 61010, located in Byron, Illinois, contains 132 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, with 131 designated as low-income units. Based on the 2022 population of 7,115 and an estimated 2,726 housing units, LIHTC funded affordable housing comprises approximately 4.84% of the estimated housing inventory in this zip code.
The LIHTC program has invested $3,337,514 in project tax credits in zip code 61010, averaging $25,284 per unit in federal funding. This zip code accounts for 0.41% of the total LIHTC funding allocated to Illinois, indicating a significant commitment to affordable housing in this area.
The affordable housing in zip code 61010 consists of a single project, Village Green Apartments, completed in 2009. All 132 units in this project are classified as efficiencies, providing compact living spaces for residents.
Over the past decade, zip code 61010 has experienced a slight population decline, from 7,733 in 2013 to 7,115 in 2022. Despite this decrease, the median income has increased from $78,162 in 2013 to $87,034 in 2022, suggesting a changing economic landscape in the area.
The racial composition of zip code 61010 has remained predominantly white, though there has been a decrease from 97% in 2013 to 87% in 2022. Concurrently, the Hispanic population has increased from 2% in 2013 to 8% in 2022, indicating growing diversity in the community.
The LIHTC program has significantly impacted affordable housing in zip code 61010, with a single project providing 132 affordable units, covering nearly 5% of the estimated housing inventory. This represents a substantial investment in the community's affordable housing needs. The area has experienced a slight population decline and increasing median income over the past decade, along with a gradual shift in racial demographics. These trends, combined with the presence of LIHTC funded housing, illustrate a changing community with ongoing efforts to maintain affordable housing options for its residents.
