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Affordable Housing in Zip Code 61254: Analysis of LIHTC Program Impact
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 61254, located in Illinois, contains a small inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 16 total affordable units, all of which are categorized as low-income units. Given the estimated housing inventory of 4,720 units for the zip code, LIHTC-funded affordable housing represents approximately 0.34% of the total housing stock.
The LIHTC program has allocated $22,742 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $1,421 per unit. While this investment contributes to the affordable housing supply, it comprises a small fraction of the overall housing market in the area.
Countryside Apts, completed in 1987, is the only LIHTC-funded project in the zip code. This development has offered affordable housing options for over three decades. The project consists of 16 units, including one one-bedroom unit and six two-bedroom units, providing a range of housing options for low-income residents.
Analysis of demographic trends over the past decade shows that the population in zip code 61254 has experienced minor fluctuations, with a recent increase from 11,762 in 2020 to 12,320 in 2022. The median income has also trended upward, rising from $78,753 in 2020 to $81,211 in 2022. This income growth may indicate evolving economic conditions in the area.
Racial demographics have remained relatively constant, with the white population consistently representing the majority at approximately 94-95% throughout the past decade. There has been a small increase in the Hispanic population, growing from 1% in 2013 to 4% in 2022, indicating a gradual diversification of the community.
The absence of new LIHTC projects in the last decade may be attributed to various factors, including the area's increasing median income and relatively stable population. These demographic trends might suggest a decreased need for additional low-income housing in recent years.
In conclusion, while the LIHTC program has contributed to affordable housing in zip code 61254, its impact remains limited in relation to the overall housing stock. The single project, Countryside Apts, has been a consistent provider of affordable units since 1987. As the area experiences gradual demographic changes and income growth, continuous assessment of affordable housing needs will be essential to ensure an adequate supply for low-income residents.
