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Affordable Housing in Zip Code 62305: LIHTC Program Impact on Quincy, 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 62305 in Quincy, Illinois has a population of 19,905 as of 2022 and covers an area of 133.08 square miles. The Low-Income Housing Tax Credit (LIHTC) program has funded 112 affordable housing units in this zip code, all of which are designated as low-income units. Based on the estimated housing inventory of 7,626 units, LIHTC-funded affordable housing represents approximately 1.47% of the total housing stock in this zip code.
The LIHTC program has invested $1,353,412 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $12,084 per unit. Notably, this zip code accounts for 0.17% of the total LIHTC funding allocated to the state of Illinois.
The first LIHTC project in this zip code, Twelfth Street Apts, was completed in 1993, while the most recent project, Timberline Terrace Senior Apts, was finished in 2012. This indicates a span of nearly two decades of affordable housing development in the area. The 2000s saw the most LIHTC activity, with two projects completed during this decade.
The LIHTC-funded housing inventory in this zip code consists of 26 one-bedroom units, 80 two-bedroom units, and 6 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, the population in this zip code has remained relatively stable, with slight fluctuations. The median income has shown a steady increase, rising from $66,693 in 2013 to $79,196 in 2022. This upward trend in income levels may indicate a growing need for affordable housing options to ensure housing remains accessible to lower-income residents.
Racial demographics have remained largely consistent, with the white population constituting the majority at around 94-95% throughout the past decade. There has been a slight increase in racial diversity, with small but growing percentages of Black, Hispanic, and multiracial residents.
The LIHTC program has played a role in providing affordable housing in zip code 62305, funding 112 low-income units across three projects over nearly two decades. While these units represent a small percentage of the estimated housing stock, they contribute to addressing affordable housing needs in the area. The steady increase in median income over the past decade underscores the ongoing importance of maintaining and potentially expanding affordable housing options in this zip code.
