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Affordable Housing Analysis in Zip Code 91016: 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
Zip code 91016, located in Monrovia, California, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has a total of 308 affordable housing units, with 305 of these specifically designated as low-income units. Based on the 2022 population of 44,475 and an estimated 17,040 housing units in the zip code, the LIHTC-funded affordable housing represents approximately 1.8% of the total housing inventory.
The LIHTC program has invested significantly in this zip code, with project tax credits totaling $1,083,434. This translates to an average federal funding of about $3,518 per unit. Notably, this zip code accounts for 0.04% of the total LIHTC funding allocated to California.
Affordable housing has been a part of this community for two decades, with the first LIHTC project, Heritage Park At Monrovia, completed in 2002. The most recent project, Regency Court Apartments, was finished in 2016. The 2010s saw the most activity in affordable housing development, with two projects completed during this decade.
The affordable housing inventory in this zip code primarily consists of one-bedroom units, with 283 such units available. There are also 24 two-bedroom units and 1 efficiency unit. This distribution suggests a focus on housing for individuals or small families.
Over the past decade, the population in this zip code has remained relatively stable, hovering around 44,000 residents. The median income has shown a general upward trend, increasing from $85,525 in 2013 to $87,074 in 2022, with a peak of $95,758 in 2021.
The racial composition of the area has undergone some changes. The Hispanic population has increased from 40% in 2013 to 45% in 2022, while the White population has decreased from 39% to 29% during the same period. The Asian population has remained relatively stable at around 14-15%. These demographic shifts may indicate evolving housing needs in the community.
Zip code 91016 has a modest but significant LIHTC-funded affordable housing presence, representing about 1.8% of the estimated housing inventory. The area has seen consistent investment in affordable housing over two decades, with a focus on one-bedroom units. While the population has remained stable, changes in income levels and racial composition suggest ongoing evolution in the community's housing needs. The LIHTC program continues to play a role in addressing affordable housing in this zip code, contributing to the diverse housing options available to residents.
