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Affordable Housing Analysis in Santa Maria's 93454 Zip Code: LIHTC Funded Projects and Demographic Shifts
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 zip code 93454 in Santa Maria, California, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 365 total units in LIHTC funded projects, with 354 designated as low-income units. Based on the 2022 population of 43,962 and using the national average household size, the estimated housing inventory for this zip code is approximately 16,844 units. The LIHTC funded affordable housing comprises about 2.17% of the estimated housing inventory in zip code 93454.
LIHTC projects in zip code 93454 have received $2,587,383 in project tax credits, averaging about $7,088 per unit. This zip code holds 0.08% of California's total LIHTC funding, indicating a modest contribution to the state's affordable housing efforts. Affordable housing has been present in this zip code for over two decades, with the first LIHTC project, Los Pinos, completed in 1998, and the most recent, Sierra Madre Cottages, finished in 2020. The 2000s saw the highest affordable housing activity, with four projects completed during this decade.
The LIHTC funded housing in zip code 93454 offers a range of unit types. There are 120 efficiencies, 40 one-bedroom units, 80 two-bedroom units, 83 three-bedroom units, and 6 four-bedroom units. This variety caters to different household sizes and needs within the low-income population. One notable project, Rancho Hermosa, completed in 2011, specifically targets special needs populations, addressing a crucial aspect of affordable housing demand.
Over the past decade, zip code 93454 has experienced steady population growth, increasing from 38,359 in 2013 to 43,962 in 2022. Median income has also risen, from $58,105 in 2013 to $73,238 in 2022. Despite this economic growth, the completion of Sierra Madre Cottages in 2020 indicates an ongoing need for affordable housing.
The racial composition of zip code 93454 has shifted slightly, with the Hispanic population increasing from 61% in 2013 to 68% in 2022, while the white population decreased from 31% to 24%. This demographic shift may influence the demand for culturally appropriate affordable housing options.
Zip code 93454 in Santa Maria, California, has a modest but significant LIHTC funded affordable housing inventory, covering about 2.17% of the estimated housing stock. The area has seen consistent development of affordable housing over two decades, with projects catering to various household sizes and special needs populations. Despite rising median incomes, the recent completion of affordable housing projects suggests an ongoing demand for such units, possibly influenced by population growth and demographic shifts.
