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Affordable Housing Trends in Chicago Zip Code 60620: A 28-Year Commitment
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 60620 in Chicago, Illinois, demonstrates a significant commitment to affordable housing through the Low-Income Housing Tax Credit (LIHTC) program. This area contains 1,195 total units in LIHTC-funded projects, with 1,160 designated as low-income units. Based on the 2022 population of 69,925 and an estimated 26,791 housing units, LIHTC-funded affordable housing comprises approximately 4.46% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 60620 have received $7,208,530 in tax credits, averaging about $6,032 per unit in federal funding. This represents 0.89% of Illinois' total LIHTC funding, indicating a substantial investment in affordable housing for this specific area.
Affordable housing has been a consistent feature of zip code 60620 since 1990. The earliest project, "7500-06 S Eggleston," was completed in 1990, while the most recent, "Brainerd Park Apartments," was finished in 2018. This 28-year span demonstrates a long-term commitment to affordable housing in the area.
The 2000s saw the most affordable housing activity in zip code 60620, with multiple projects completed during this decade. These include "Brainerd Senior Center," "Laflin Apts," "Stone Terrace," "Auburn Commons Apts," "Continental Plaza Apts," "St Leo Residence," and "Senior Suites/Auburn-Gresham."
The LIHTC-funded housing in zip code 60620 offers a diverse range of unit types. Out of the 1,195 total units, there are 280 efficiencies, 373 one-bedroom units, 345 two-bedroom units, 156 three-bedroom units, and 8 four-bedroom units. This variety accommodates different household sizes and needs within the community.
Over the past decade, zip code 60620 has experienced some demographic changes. The population decreased slightly from 73,051 in 2014 to 69,925 in 2022. Despite this decline, the median income increased from $35,385 in 2014 to $47,595 in 2022, indicating an improvement in economic conditions for residents.
The racial composition of zip code 60620 has remained relatively stable, with a predominantly Black population (93% in 2022). There has been a slight increase in Hispanic residents, from 1% in 2014 to 3% in 2022, suggesting a gradual diversification of the community.
The most recent LIHTC project, completed in 2018, aligns with a period of relatively stable population and increasing median income. This suggests that affordable housing development has continued to be prioritized even as economic indicators improved.
Zip code 60620 in Chicago has a substantial inventory of LIHTC-funded affordable housing, covering about 4.46% of its estimated housing stock. The area has seen consistent investment in affordable housing over nearly three decades, with a concentration of development in the 2000s. The diverse range of unit types caters to various household needs. While the population has slightly decreased over the past decade, median incomes have risen, and the racial composition has remained largely stable with a slight increase in diversity. The continued development of affordable housing, even as economic indicators improved, underscores the ongoing commitment to maintaining accessible housing options in this community.
