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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Live Oak, California, zip code 95953, has a population of 11,596 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has contributed to affordable housing in this area. The zip code contains 105 total units in LIHTC-funded projects, with 103 designated as low-income units. Based on an estimated housing inventory of 4,443 units, LIHTC-funded affordable housing comprises approximately 2.36% of the zip code's housing stock.
The LIHTC program has invested $1,302,526 in project tax credits for affordable housing in this zip code. This equates to an average federal funding of $12,405 per unit. This zip code holds 0.04% of California's total LIHTC funding, indicating a modest contribution to the state's affordable housing efforts.
Affordable housing has been present in this community for over three decades. The first LIHTC project, Country Oaks Apts, was completed in 1987, and the most recent, Maple Park Phase 2, was finished in 2016. The 2010s saw the most activity in affordable housing development, with two projects completed during this decade: Maple Park 1 in 2013 and Maple Park Phase 2 in 2016.
The LIHTC-funded housing inventory in this zip code offers various unit types. It includes 4 efficiencies, 41 one-bedroom units, 30 two-bedroom units, 28 three-bedroom units, and 2 four-bedroom units. This distribution accommodates various household sizes and needs within the community. Maple Park 1, completed in 2013, targets the "At-Risk" population, suggesting a commitment to addressing the housing needs of vulnerable community members.
Over the last decade, the zip code has experienced population growth, increasing from 11,035 in 2013 to 11,596 in 2022. This 5.1% growth may have contributed to the need for additional affordable housing units, as evidenced by the completion of two LIHTC projects during this period.
The median income in the zip code has shown fluctuations, rising from $47,768 in 2013 to $60,264 in 2022, a 26.2% increase. Despite this overall growth, the continued development of affordable housing suggests an ongoing need to support lower-income residents.
Racial demographics have remained relatively stable, with some shifts. The Hispanic population decreased from 49% in 2013 to 43% in 2022, while the Asian population increased from 5% to 12% during the same period. The white population remained relatively stable, shifting from 40% to 39%. These demographic changes may have influenced the types of affordable housing needed in the community.
The LIHTC program has made a significant contribution to affordable housing in zip code 95953, providing 105 units over three decades. While these units represent a small percentage of the estimated housing stock, they play a crucial role in addressing the community's affordable housing needs. The zip code has seen continued investment in affordable housing, with projects targeting diverse populations and offering a range of unit types. As the area continues to grow and evolve demographically, ongoing assessment of affordable housing needs will be essential to ensure that the community remains accessible to residents across various income levels.