Loading Content...
Analysis of Affordable Housing in Zip Code 60616: Three Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 60616 in Chicago, Illinois, contains 2,356 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 2,011 designated as low-income units. This represents approximately 11.7% of the estimated 20,167 housing units in the zip code, indicating a substantial contribution to affordable housing needs. LIHTC projects in this zip code have received $6,257,254 in tax credits, averaging $2,656 per unit in federal funding. This zip code accounts for 0.77% of Illinois' total LIHTC funding.
Affordable housing projects in zip code 60616 span from 1989 to 2009. The earliest project, Woodland Park Apartments, was completed in 1989, while the most recent developments, G+A Senior Residence At Eastgate Village and G&A Senior Residence At Eastgate Village, were completed in 2009. The 2000s saw the highest affordable housing activity, with six projects completed during this decade.
The LIHTC-funded housing in zip code 60616 offers a range of unit types. Of the 2,356 total units, there are 33 efficiencies, 1,427 one-bedroom units, 553 two-bedroom units, 185 three-bedroom units, and 29 four-bedroom units. This distribution indicates accommodation for various household sizes, with an emphasis on smaller households.
Over the past decade, the population in zip code 60616 has remained relatively stable, ranging between 51,829 and 54,202 residents. The median income has increased from $53,665 in 2018 to $67,258 in 2022, suggesting improving economic conditions for residents.
The racial composition of zip code 60616 has experienced shifts. The Asian population, previously the largest group, decreased from 41% in 2018 to 35% in 2022. The Black population remained stable at around 24-25%. The White population increased from 24% in 2018 to 28% in 2022, indicating increased diversity. The Hispanic population remained consistent at 8-9% during this period.
Zip code 60616 in Chicago demonstrates a significant commitment to affordable housing through LIHTC-funded projects. With 11.7% of its estimated housing stock dedicated to affordable units, it approaches the target range of 15-20% for a well-balanced community. The area has seen consistent investment in affordable housing over two decades, with various unit types accommodating different household sizes. While there have been no new LIHTC projects in the last decade, the increasing median income and shifting racial demographics suggest evolving housing needs in the area. This analysis provides insights into the affordable housing landscape of zip code 60616, highlighting the role of LIHTC funding in addressing local housing needs.
