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The Prevalence of Affordable Housing in Zip Code 60110: A Case Study of Carpentersville, 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 60110 in Carpentersville, Illinois, contains a significant number of affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. This area has 373 total affordable units, all of which are designated as low-income units. Based on the 2022 population of 34,403 and an estimated 13,181 housing units, the LIHTC-funded affordable housing comprises approximately 2.83% of the zip code's estimated housing inventory.
The LIHTC program has invested $1,317,018 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $3,531 per unit. Zip code 60110 accounts for 0.16% of the total LIHTC funding allocated to Illinois.
Fox View Apartments, completed in 2008, is a prominent LIHTC-funded project in the area. This development contributes significantly to the affordable housing stock, offering 373 units. The project's unit distribution includes 109 two-bedroom and 164 three-bedroom apartments, accommodating various family sizes within the low-income community.
The zip code has experienced minor population fluctuations over the past decade, with a peak of 35,140 residents in 2016 and 34,403 in 2022. The median income has shown an overall upward trend, increasing from $65,624 in 2013 to $74,233 in 2022, with a notable peak of $80,998 in 2021.
The racial composition of the area has changed. The Hispanic population remains the largest group, increasing from 51% in 2013 to 56% in 2022. The white population has decreased from 36% to 31% during this period, while the Asian population has grown from 3% to 6%. The Black population has remained relatively stable, fluctuating between 5-8% over the decade.
These demographic shifts, particularly the growing Hispanic population and the overall increase in median income, may have influenced the need for affordable housing in the area. The presence of LIHTC-funded units suggests an ongoing commitment to maintaining affordable housing options amidst these changes.
Zip code 60110 demonstrates a focused approach to affordable housing through its LIHTC-funded project. The Fox View Apartments, with its 373 units, plays a crucial role in providing low-income housing options. The LIHTC-funded units represent a significant investment in affordable housing for the community. The demographic trends underscore the importance of maintaining and potentially expanding affordable housing options to meet the evolving needs of the community.
