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Affordable Housing Trends in Zip Code 60618: Three Decades of LIHTC Projects
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 60618 in Chicago, Illinois, contains a diverse community with a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 441 total units in LIHTC-funded projects, with 397 designated as low-income units. Based on the estimated housing inventory of 35,281 units, LIHTC-funded affordable housing comprises approximately 1.25% of the zip code's housing stock.
The LIHTC projects in zip code 60618 have received $5,153,671 in project tax credits, averaging $11,686 per unit in federal funding. This represents 0.64% of the total LIHTC funding allocated to Illinois, indicating a notable investment in affordable housing for this specific area.
Affordable housing has been present in this zip code for over three decades. The first LIHTC project, Diversey Square, was completed in 1988, while the most recent, Oso Apartments, was finished in 2019. The 2000s saw the most LIHTC project completions, with notable developments including North Center Senior Apartments and Martha Washington in 2005, and St Pauls Residence in 2006.
The LIHTC-funded housing in zip code 60618 offers a variety of unit types. Out of the 441 total units, there are 8 efficiencies, 322 one-bedroom units, 108 two-bedroom units, and 3 three-bedroom units. This distribution suggests a focus on housing for smaller households or individuals.
Over the past decade, zip code 60618 has experienced demographic shifts. The population has remained relatively stable, with a slight decrease from 96,734 in 2015 to 92,083 in 2022. However, the median income has increased significantly, rising from $69,887 in 2015 to $92,523 in 2022.
Racial demographics in zip code 60618 have also evolved. The Hispanic population decreased from 46% in 2015 to 37% in 2022, while the White population increased from 44% to 48%. The Asian population grew slightly from 6% to 7%, and the Black population remained stable at around 2-3%.
Despite the rising median income, the continued development of LIHTC projects through 2019 suggests an ongoing need for affordable housing in zip code 60618. This could be due to income disparities within the zip code or to provide housing options for long-term residents as the area experiences economic changes.
Zip code 60618 demonstrates a consistent commitment to affordable housing through LIHTC projects over the past three decades. While these projects cover a small percentage of the total estimated housing stock, they provide nearly 400 low-income units in an area experiencing rising median incomes. The mix of unit types, with a focus on one-bedroom apartments, reflects efforts to meet diverse housing needs. As the area continues to evolve demographically and economically, ongoing monitoring of affordable housing needs will be crucial to maintain a balanced community.
