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Affordable Housing in Zip Code 62269: LIHTC Impact and Demographic Shifts
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 62269 in Illinois, which includes O'Fallon, contains 175 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. All of these units are designated as low-income. Based on the 2022 population of 35,521 and an estimated housing inventory of 13,610 units, LIHTC funded affordable housing represents approximately 1.29% of the zip code's housing stock.
The LIHTC program has invested $660,122 in project tax credits in this zip code. This amounts to an average federal funding of $3,772 per unit. Zip code 62269 accounts for 0.08% of the total LIHTC funding allocated to Illinois.
Affordable housing has been present in this community for nearly two decades. The first LIHTC project, Cambridge House of O'Fallon, was completed in 2003, and the most recent, Lincoln Park Villas, was finished in 2019. The 2010s saw the most recent development activity for affordable housing in this area.
The housing mix in LIHTC funded projects consists primarily of one-bedroom and two-bedroom units. There are 117 one-bedroom units and 58 two-bedroom units, offering options for different household sizes.
Zip code 62269 has experienced population growth over the past decade, increasing from 32,069 in 2015 to 35,521 in 2022, a 10.8% growth. This may indicate a rising demand for housing, including affordable options. The median income has also increased, rising from $90,962 in 2015 to $96,456 in 2022, a 6% increase. Despite this growth, the presence of LIHTC projects suggests an ongoing need for affordable housing options.
Racial demographics have shifted in the zip code. The white population decreased from 75% in 2015 to 67% in 2022, while the Black population increased from 15% to 17%, and those identifying as two or more races grew from 3% to 7%. This increasing diversity may influence future affordable housing needs and strategies.
Zip code 62269 demonstrates a consistent commitment to affordable housing through LIHTC funded projects. While these projects cover a small percentage of the overall housing stock, they provide crucial low-income units in an area with a growing and diversifying population. The continued development of LIHTC projects over nearly two decades, coupled with demographic shifts, suggests an ongoing recognition of the importance of affordable housing in this community.
