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Affordable Housing Analysis in Mill Valley's 94941 Zip Code: LIHTC Funding and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mill Valley's zip code 94941 contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This inventory comprises 118 total units, of which 114 are designated as low-income units. The LIHTC funded housing represents approximately 0.94% of the estimated 12,508 housing units in the zip code.
The LIHTC projects in zip code 94941 have received $1,418,461 in project tax credits, averaging $12,021 per unit in federal funding. This investment accounts for 0.05% of California's total LIHTC funding. Affordable housing has been present in this zip code for at least 13 years, with the first documented LIHTC project, Fireside Apartments, completed in 2009, and the most recent, Shelter Hill Apartments, in 2013.
The LIHTC funded housing inventory in zip code 94941 offers a range of unit types, including 22 efficiencies, 5 one-bedroom units, 43 two-bedroom units, and 4 three-bedroom units. This distribution indicates a focus on accommodating various household sizes, with an emphasis on smaller households and families.
Zip code 94941 has experienced steady population growth over the past decade, increasing from 30,946 in 2013 to 32,645 in 2022. The median income has risen significantly, from $136,049 in 2013 to $167,630 in 2022, suggesting a trend towards higher-income residents.
The racial composition of zip code 94941 has remained relatively stable, with a slight decrease in the white population from 83% in 2013 to 79% in 2022. There have been small increases in the Hispanic population (5% to 6%) and those identifying as two or more races (2% to 5%). Despite these demographic shifts, there have been no new LIHTC projects since 2013.
In summary, zip code 94941 in Mill Valley has a small but significant LIHTC funded affordable housing inventory, covering nearly 1% of the estimated housing stock. The area has seen two LIHTC projects completed between 2009 and 2013, providing 118 units. While the population and median income have grown over the past decade, the racial composition has remained relatively stable with minor shifts. The absence of new LIHTC projects since 2013, despite demographic changes, may indicate that other factors or initiatives are addressing affordable housing needs in this high-income area.
