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Affordable Housing Analysis in Irvine's 92603 Zip Code: Laguna Canyon Apartments
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The 92603 zip code in Irvine, California contains a single Low Income Housing Tax Credit (LIHTC) funded affordable housing project. This area has 118 affordable housing units, all of which are designated as low-income units. Based on the estimated 8,044 housing units in the zip code, the LIHTC funded affordable housing comprises approximately 1.47% of the housing inventory. This indicates that LIHTC projects contribute to a small portion of the overall housing stock in this area.
The LIHTC program has invested $553,680 in tax credits for affordable housing projects in this zip code. With 118 total units, this translates to an average federal funding of about $4,692 per unit. This zip code accounts for 0.02% of the total LIHTC funding allocated to California, suggesting a relatively small share of the state's affordable housing resources.
The Laguna Canyon Apartments, completed in 2005, represent the sole LIHTC funded project in this zip code. This development has been providing affordable housing options to the community for nearly two decades. The project consists of 26 one-bedroom units, 5 two-bedroom units, and 44 three-bedroom units, offering a mix of housing options for different family sizes.
Over the past decade, the zip code has experienced fluctuations in population, with a peak of 23,562 residents in 2017 and a more recent decline to 20,996 in 2022. The median income has remained consistently high, ranging from $158,627 to $169,984 during this period. This suggests a generally affluent area, which may explain the limited presence of LIHTC funded housing.
The racial composition of the zip code has shown some changes. The Asian population has increased from 30% in 2015 to 33% in 2022, while the White population has decreased from 60% to 52% during the same period. The Hispanic population has grown slightly from 5% to 10%. These demographic shifts might influence future affordable housing needs in the area.
The 92603 zip code in Irvine has a single LIHTC funded affordable housing project, Laguna Canyon Apartments, which provides 118 low-income units. This represents a small fraction of the estimated housing inventory in the area. The high median income and demographic composition suggest a predominantly affluent community, which may explain the limited LIHTC investment. However, the gradual changes in racial composition and population fluctuations could potentially impact future affordable housing needs in this zip code.
