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Affordable Housing in Zip Code 62324: A Unique LIHTC Funded Inventory in Clayton, 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 62324 in Clayton, Illinois, possesses a distinct LIHTC funded affordable housing inventory. The area contains 39 affordable housing units, all of which are designated as low-income units. Based on the estimated 636 housing units in the zip code, the LIHTC funded affordable housing comprises approximately 6.13% of the local housing inventory.
The LIHTC program has invested $63,534 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $1,629 per unit. This investment represents 0.01% of Illinois' total LIHTC funding allocation.
The River Hills project, completed in 2004, is the only LIHTC funded development in the area. This project has been providing affordable housing options in the zip code for nearly two decades.
The River Hills development consists of 39 units, with a mix of one-bedroom (14 units), two-bedroom (21 units), and three-bedroom (4 units) apartments. This unit distribution caters to various household sizes and needs within the community.
Over the past decade, the population in zip code 62324 has exhibited slight fluctuations, with a general upward trend from 1,544 in 2015 to 1,659 in 2022. The median income has also increased, rising from $46,775 in 2015 to $67,412 in 2022, indicating an overall improvement in economic conditions.
The racial composition of the area has remained predominantly white, consistently above 95% throughout the decade. This demographic stability suggests that the existing LIHTC project continues to serve a relatively homogeneous community.
Zip code 62324 in Clayton, Illinois, features a single LIHTC funded affordable housing project, River Hills, which has been serving the community since 2004. It provides 6.13% of the estimated housing inventory as affordable units, offering a mix of unit sizes to accommodate different household needs. The area has experienced slight population growth and significant income increases over the past decade, with a stable racial composition. These demographic trends, coupled with the longstanding presence of the River Hills project, suggest a consistent demand for affordable housing in this rural Illinois community.
