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Affordable Housing in Zip Code 61364: Three Decades of LIHTC Development in Streator, 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 61364, located in Streator, Illinois, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 90 total units in LIHTC funded projects, with 78 of these specifically designated as low-income units. Based on the 2022 population of 18,427 and an estimated 7,060 housing units in the zip code, the LIHTC funded affordable housing comprises approximately 1.27% of the estimated housing inventory.
The LIHTC projects in zip code 61364 have received $2,326,870 in tax credits, averaging about $25,854 per unit. This funding represents 0.29% of the total LIHTC credits allocated in Illinois, indicating a modest but significant investment in affordable housing for this area.
Affordable housing has been present in zip code 61364 for over three decades. The first LIHTC project, Streator Manor, was completed in 1989, while the most recent, Evergreen Place - Streator, was finished in 2008. The 2000s experienced the most activity in affordable housing development, with two projects completed during this decade.
The LIHTC funded housing inventory in zip code 61364 consists of 19 efficiencies, 55 one-bedroom units, and 16 two-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially senior residents.
Over the past decade, zip code 61364 has experienced a gradual population decline, from 19,872 in 2014 to 18,427 in 2022. The median income has fluctuated, reaching a peak of $52,227 in 2018 before settling at $48,995 in 2022. The racial composition has remained predominantly white, though there has been a slight increase in Hispanic population from 8% in 2019 to 13% in 2022.
These demographic trends, particularly the declining population and relatively stable median income, may explain why no new LIHTC projects have been developed in zip code 61364 since 2008. The existing affordable housing stock may be sufficient to meet current needs given these demographic shifts.
Zip code 61364 has a modest but established LIHTC funded affordable housing presence, covering about 1.27% of the estimated housing inventory. The area has received nearly $2.33 million in tax credits, representing 0.29% of Illinois' total LIHTC allocation. The affordable housing stock, developed between 1989 and 2008, primarily consists of smaller units, potentially catering to the needs of smaller households and seniors. The absence of new LIHTC projects in recent years aligns with the area's demographic trends of gradual population decline and relatively stable median income.
