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Affordable Housing Analysis in Zip Code 90623: La Palma's LIHTC Funded Units
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 90623 in La Palma, California, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 307 affordable housing units, with 304 designated as low-income units. Based on the 2022 population of 14,686 and an estimated 5,627 housing units, LIHTC funded affordable housing comprises approximately 5.45% of the zip code's housing inventory.
The LIHTC projects in zip code 90623 have received $952,069 in tax credits, averaging about $3,101 per unit. This funding represents 0.03% of California's total LIHTC allocation. Affordable housing has been present in this zip code since 1997, with the completion of Camden Place Apartments. The most recent project, Casa La Palma Apartments, was completed in 1998.
The affordable housing inventory in zip code 90623 consists of 221 two-bedroom units, 56 three-bedroom units, and 3 one-bedroom units. This distribution indicates a focus on accommodating families and larger households.
The population in zip code 90623 has decreased from 15,065 in 2015 to 14,686 in 2022. The median income has increased from $95,134 in 2015 to $116,941 in 2022, indicating an increase in economic prosperity for the area's residents.
The racial composition of zip code 90623 has remained relatively stable. The Asian population increased from 43% in 2015 to 49% in 2022, while the white population decreased from 29% to 22%. The Hispanic population increased from 18% to 21% during this period.
Zip code 90623 has a LIHTC-funded affordable housing presence of 307 units, representing about 5.45% of the estimated housing inventory. The affordable housing stock was developed in the late 1990s and primarily consists of two- and three-bedroom units. The population has slightly decreased over the past decade, while the median income has risen. This economic shift, coupled with the existing affordable housing stock, may explain the absence of new LIHTC developments in recent years.
