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Affordable Housing in Zip Code 61080: A Study of LIHTC-Funded Units in South Beloit, 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 61080, located in South Beloit, Illinois, contains a total of 62 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. Of these, 17 units are specifically designated as low-income. Based on the 2022 population of 10,760 and an estimated 4,123 housing units, LIHTC-funded affordable housing comprises approximately 1.5% of the zip code's estimated housing inventory.
The LIHTC program has invested $442,713 in tax credits for affordable housing projects in zip code 61080. This equates to an average federal funding of about $7,140 per unit. The zip code accounts for 0.05% of the total LIHTC funding allocated to the state of Illinois.
Affordable housing has been present in zip code 61080 since 1994, with the most recent project completed in 2012. Two affordable housing projects were completed during this period, one in the 1990s and one in the 2010s. The first project, Paige Court, was constructed in 1994, while Johnston Garden Apartments was completed in 2012, representing an 18-year span of affordable housing development in the area.
The affordable housing inventory in zip code 61080 primarily consists of one-bedroom units, with 61 such units available. There is also one two-bedroom unit. This distribution indicates a focus on housing for individuals or small families.
Over the past decade, the population in zip code 61080 has remained relatively stable, fluctuating between 10,300 and 11,000 residents. The median income has shown an overall upward trend, increasing from $63,274 in 2013 to $72,025 in 2022, with some fluctuations in between. This rise in median income may explain why no new LIHTC projects have been developed since 2012.
Racial demographics in zip code 61080 have remained fairly consistent, with the white population comprising the majority (around 82-87%) throughout the decade. There has been a slight increase in diversity, with small growth in Hispanic, Black, and multi-racial populations.
Zip code 61080 has a modest LIHTC-funded affordable housing inventory, covering about 1.5% of the estimated housing stock. The area has seen two LIHTC projects developed over an 18-year period, with a focus on one-bedroom units. While the population has remained stable, the rising median income in recent years may have influenced the lack of new LIHTC developments since 2012. The racial composition of the area has remained predominantly white, with slight increases in diversity over the past decade.
