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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mount Carroll's zip code 61053 in Illinois contains a single Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This zip code, encompassing 116.36 square miles, has a total of 12 affordable housing units, all categorized as low-income units. Based on the 2022 population of 2,838 and the national average household size of 2.61, the estimated number of housing units in the zip code is approximately 1,087. The LIHTC-funded affordable housing constitutes about 1.1% of the estimated housing inventory.
The LIHTC program has allocated $42,701 in tax credits for affordable housing projects in zip code 61053. This amount equates to an average federal funding of $3,558 per unit. The zip code's allocation represents 0.01% of the total LIHTC funding distributed to Illinois. The affordable housing inventory in this zip code consists of a single project, Mill Creek Village, which was completed in 2001. This project has been offering affordable housing options in the area for over two decades.
Mill Creek Village comprises 12 units, equally divided between six one-bedroom and six two-bedroom units. This unit distribution indicates a focus on accommodating smaller households and families.
Zip code 61053 has experienced some demographic changes over the past decade. The population has slightly decreased from 3,091 in 2013 to 2,838 in 2022. Despite this decline, the median income has shown an upward trend, increasing from $45,634 in 2013 to $54,375 in 2022. The racial composition of the zip code has remained predominantly white, with a minor decrease from 97% in 2013 to 93% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 1% to 3% during this period. The absence of new LIHTC projects in the last decade may be attributed to the relatively stable population and increasing median income, potentially indicating a reduced need for additional low-income housing units.
The 61053 zip code area's single LIHTC-funded affordable housing project, Mill Creek Village, has been serving the community since 2001. While the 12 low-income units represent a small portion of the estimated housing inventory, they provide essential affordable housing options for the area. The demographic trends over the past decade, including a slight population decrease and increasing median income, may explain the lack of new LIHTC projects. However, the modest increase in diversity suggests that ongoing monitoring of affordable housing needs may be necessary to ensure the community's changing demographics are adequately served.