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Affordable Housing in Zip Code 61738: A Three-Decade LIHTC Project in El Paso, 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 61738 in El Paso, Illinois, contains a small inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 8 affordable housing units, all of which are designated as low-income units. Based on the 2022 population of 3,657 and an estimated 1,401 housing units in the zip code, LIHTC-funded affordable housing represents approximately 0.57% of the total housing stock. This indicates that LIHTC projects contribute to a small portion of the overall housing inventory in this area.
The LIHTC program has allocated $13,082 in tax credits for affordable housing projects in this zip code. With 8 total units funded, this translates to an average of $1,635 in federal funding per unit. This investment demonstrates a commitment to providing affordable housing options in the area, albeit on a limited scale.
The only LIHTC project in this zip code is Sunnyview A & B (Evergreen), completed in 1993. This project has been providing affordable housing options in the area for nearly three decades. It consists of 3 one-bedroom units and 5 two-bedroom units, offering a mix of housing options for different household sizes.
Over the past decade, the population in this zip code has remained relatively stable, with slight fluctuations. The median income has shown an overall increasing trend, rising from $59,826 in 2013 to $71,475 in 2022. This upward trend in income might suggest a decreasing need for affordable housing, which could explain the lack of new LIHTC projects in recent years.
The racial composition of the area has remained predominantly white, consistently above 94% throughout the past decade. There has been a slight increase in diversity, with small percentages of Black, Hispanic, and multiracial residents. However, these changes have been minimal and may not have significantly impacted the demand for affordable housing.
The 61738 zip code has a single LIHTC-funded affordable housing project that has been serving the community since 1993. While it provides a small number of units, it represents a long-standing commitment to affordable housing in the area. The demographic trends, particularly the rising median income, may suggest that the current level of LIHTC-funded housing is sufficient for the area's needs. However, a more comprehensive analysis of overall affordable housing needs and other housing assistance programs would be necessary to fully assess the adequacy of affordable housing in this zip code.
