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Affordable Housing in Zip Code 61360: LIHTC Impact in Seneca, 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 61360 in Seneca, Illinois, contains a specific Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 16 total affordable units, all classified as low-income units. Based on the 2022 population of 3,286 and an estimated 1,259 housing units, LIHTC funded affordable housing comprises approximately 1.27% of the zip code's estimated housing inventory.
The LIHTC program has invested $24,989 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $1,562 per unit. The zip code has one LIHTC funded project, Village Apts Of Seneca, completed in 1987. This indicates that affordable housing has been present in the area for over three decades.
The Village Apts Of Seneca project consists of 16 units, equally divided between one-bedroom and two-bedroom apartments, with 8 units of each type. This distribution suggests a focus on accommodating small families and individuals in need of affordable housing.
Over the past decade, the population in this zip code has exhibited a slight declining trend, from 3,534 in 2017 to 3,286 in 2022. Despite this decrease, the median income has increased from $75,368 in 2017 to $76,533 in 2022, with a peak of $84,872 in 2021.
The racial composition of the area has remained predominantly white, with a slight decrease from 94% in 2017 to 91% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 4% to 5%, and the percentage of residents identifying as two or more races increasing from 0% to 3% during this period.
The LIHTC funded affordable housing in zip code 61360 represents a small but long-standing component of the area's housing inventory. With one project providing 16 low-income units since 1987, it has been a consistent presence in the community. While the population has slightly decreased over the past decade, median income has generally increased, which may influence the demand for affordable housing. The racial composition has remained largely stable, with a slight trend towards increased diversity. These demographic shifts, coupled with the long-standing LIHTC project, provide insights into the affordable housing landscape of this zip code.
