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Affordable Housing in Zip Code 62946: A Decade of LIHTC Impact in Harrisburg, 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 62946, located in Harrisburg, Illinois, contains 68 total units of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 14 units designated as low-income. This represents approximately 1.56% of the estimated 4,356 housing units in the zip code. The LIHTC projects in this area have received $570,540 in project tax credits, averaging $8,390 per unit. This zip code accounts for 0.07% of the total LIHTC funding allocated to Illinois.
Affordable housing has been present in zip code 62946 since 1989, beginning with the Pankey Road Apartments. The most recent project, Century Estates Apartments, was completed in 2001, spanning a 12-year period of LIHTC-funded development. The 1990s saw the most affordable housing activity in this area. The inventory primarily consists of two-bedroom units (52), followed by three-bedroom units (12), and one-bedroom units (4).
Over the past decade, the population in zip code 62946 has declined from 12,510 in 2014 to 11,370 in 2022. Despite this decrease, the median income has shown an overall upward trend, rising from $39,466 in 2014 to $44,730 in 2022, with some fluctuations. The racial composition has remained relatively stable, with the white population maintaining a majority at around 90-92%. There has been a small increase in residents identifying as two or more races, growing from 1% in 2014 to 4% in 2022, while the Black population has decreased slightly from 5% to 2% during this period.
The lack of new LIHTC projects in zip code 62946 over the last decade might be attributed to the declining population and increasing median income, potentially reducing the perceived need for additional affordable housing units. The analysis reveals a modest LIHTC-funded affordable housing presence in the zip code, covering about 1.56% of the estimated housing stock.
The area has seen two LIHTC projects completed between 1989 and 2001, primarily offering two-bedroom units. These demographic shifts, including decreasing population and generally increasing median incomes over the past decade, may have influenced the lack of new LIHTC developments in recent years. The racial composition has remained predominantly white, with a slight increase in diversity.
In conclusion, zip code 62946 in Harrisburg, Illinois, demonstrates a limited LIHTC-funded affordable housing inventory, with no new developments in the past two decades. The area's demographic changes, including population decline and income growth, may have contributed to this stagnation in affordable housing development.
