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Affordable Housing in Zip Code 61753: A Single LIHTC Project in Lexington, 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 61753 in Lexington, Illinois, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, named Lexington Place Apts, offers 12 low-income units, all of which are two-bedroom apartments. Based on the 2022 population of 2,957 and an estimated 1,133 housing units in the zip code, the LIHTC funded affordable housing comprises approximately 1.06% of the estimated housing inventory.
The LIHTC program has allocated $9,459 in tax credits for affordable housing in this zip code. This equates to an average federal funding of $788.25 per unit. Lexington Place Apts, completed in 1995, constitutes the entirety of LIHTC funded affordable housing in the area. This project has been providing affordable housing options to the community for nearly three decades.
The 1990s saw the introduction of LIHTC funded affordable housing in this zip code, with Lexington Place Apts being the only project. All 12 units in this project are two-bedroom apartments, serving small families or individuals who require additional space.
Over the past decade, the population in zip code 61753 has remained relatively stable, fluctuating between 2,692 and 2,957 residents. The median income has shown a substantial increase, rising from $69,015 in 2013 to $92,211 in 2022. This upward trend in median income may indicate a decreasing need for additional affordable housing in the area.
The racial composition of the zip code has remained predominantly white, consistently above 96% throughout the observed period. There has been a slight increase in Hispanic population, growing from 1% to 3% between 2013 and 2022.
Zip code 61753 has a single LIHTC funded affordable housing project, Lexington Place Apts, which has been serving the community since 1995. This project provides 12 two-bedroom units, accounting for about 1.06% of the estimated housing inventory. The area has experienced a significant increase in median income over the past decade, potentially influencing the demand for affordable housing. While the racial composition remains predominantly white, there has been a slight increase in the Hispanic population. These demographic trends, combined with the existing LIHTC project, contribute to the current affordable housing landscape in this zip code.
