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Affordable Housing in Zip Code 62863: LIHTC Program's Impact in Mount Carmel, 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 62863, located in Mount Carmel, Illinois, has a population of 9,733 as of 2022, covering an area of 164.69 square miles. This zip code contains 33 affordable housing units funded through the Low-Income Housing Tax Credit (LIHTC) program, all of which are classified as low-income units. These LIHTC-funded units represent approximately 0.88% of the zip code's estimated housing inventory of 3,729 units.
The LIHTC projects in zip code 62863 have received $46,497 in tax credits, with an average of $1,409 per unit. This funding accounts for 0.01% of Illinois' total LIHTC allocation. The affordable housing developments in this zip code were constructed between 1990 and 1994, with two notable projects: D Smith Apts completed in 1990 and The Oaks Apts finished in 1994. The 1990s marked the period of most significant affordable housing development in this area.
The LIHTC-funded housing inventory in zip code 62863 consists of 21 one-bedroom units and 12 two-bedroom units. This distribution indicates a focus on accommodating smaller households or individuals. Neither of the LIHTC projects has a specified target population, suggesting they may serve a general low-income demographic.
Zip code 62863 has experienced a gradual population decline over the past decade, decreasing from 10,365 in 2013 to 9,733 in 2022. The median income in the area has fluctuated, reaching $53,977 in 2021 before declining to $51,021 in 2022. The racial composition of the zip code has remained predominantly white, although there has been a slight increase in diversity, with the white population decreasing from 96% in 2013 to 92% in 2022.
The LIHTC program has made a modest contribution to affordable housing in zip code 62863, with 33 units developed in the early 1990s. While this represents a small percentage of the estimated housing stock, it is important to note that other affordable housing programs may also be present in the area. The zip code has experienced minor demographic shifts, including population decline and slight increases in racial diversity. The existing LIHTC projects, which focus on one and two-bedroom units, continue to play a role in the local affordable housing landscape.
