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Affordable Housing Inventory in Zip Code 61920: A Decade of LIHTC Development in Charleston, 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 61920 in Charleston, Illinois, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area encompasses 152 total units in LIHTC-funded projects, with 132 designated as low-income units. Based on an estimated housing inventory of 7,921 units for the zip code, LIHTC-funded affordable housing comprises approximately 1.92% of the total housing stock.
The LIHTC projects in zip code 61920 have received $2,046,262 in project tax credits, averaging about $13,462 per unit. This funding represents 0.25% of the total state LIHTC allocation, indicating a moderate investment in affordable housing for this area.
The affordable housing presence in this zip code spans over a decade. The first LIHTC project, Country View Estates, was completed in 1998, and the most recent, Heritage Woods of Charleston, was finished in 2011. The 2000s saw the most activity in affordable housing development, with projects like Cougill Apts (2002) and Heritage Woods of Charleston (2011) being completed during this period.
The LIHTC-funded housing in zip code 61920 offers a diverse range of unit types. There are 28 efficiencies, 31 one-bedroom units, 39 two-bedroom units, and 18 three-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, zip code 61920 has experienced a significant population decline, from 25,590 in 2014 to 20,673 in 2022. Despite this decrease, the median income has risen from $35,946 in 2014 to $50,340 in 2022, suggesting a changing economic landscape.
The racial composition has remained relatively stable. The white population decreased slightly from 87% in 2014 to 85% in 2022, with small increases in Hispanic and multiracial populations. The black population has remained consistent at around 6-7%.
Zip code 61920 has a modest LIHTC-funded affordable housing inventory, covering about 1.92% of the estimated total housing stock. The area has seen consistent investment in affordable housing over more than a decade, with projects catering to various household sizes. Despite a declining population, rising median incomes suggest evolving housing needs. The stable racial composition indicates that affordable housing efforts have been consistent across demographic groups.
