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Affordable Housing in Zip Code 61277: Analysis of LIHTC Project "Al'S Place" in Prophetstown, 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 61277, located in Prophetstown, Illinois, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, named "Al'S Place," provides 16 total units, all designated as low-income units. Based on the 2022 population of 3,189 and the national average household size of 2.61, the estimated number of housing units in this zip code is approximately 1,222. The LIHTC funded affordable housing represents about 1.31% of the estimated housing inventory in this area.
The LIHTC project in zip code 61277 received $119,365 in tax credits, averaging $7,460 per unit in federal funding. This zip code's LIHTC funding constitutes 0.01% of the total state funding for affordable housing in Illinois.
"Al'S Place," completed in 1995, is both the first and only LIHTC project in this zip code. This indicates that affordable housing has been present in the area for over 25 years. The project consists of 1 efficiency unit and 15 one-bedroom units, suggesting a focus on accommodating individuals or small households.
The population in zip code 61277 has remained relatively stable over the last decade, fluctuating between 3,100 and 3,400 residents. The median income has shown a significant increase, rising from $52,880 in 2013 to $77,805 in 2022. This substantial income growth might indicate a reduced need for additional affordable housing in recent years.
The racial composition of zip code 61277 has remained predominantly white, consistently above 90% throughout the past decade. There has been a slight increase in diversity, with small percentages of Hispanic, Black, and multiracial residents, but these changes have been minimal.
Zip code 61277 has a single LIHTC funded affordable housing project that has been serving the community since 1995. While it covers a small percentage of the estimated housing inventory, it provides 16 units dedicated to low-income residents. The absence of new LIHTC projects in recent years, coupled with the significant increase in median income, suggests that the current affordable housing stock may be meeting the area's needs. However, other affordable housing programs not captured in this data may also be contributing to the area's housing landscape.
