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Affordable Housing Analysis in Zip Code 92557: Moreno Valley's LIHTC-Funded Inventory
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 92557 in Moreno Valley, California, contains a total of 118 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. Of these, 116 units are specifically designated as low-income units. Based on the 2022 population of 53,908 and an estimated 20,654 housing units, the LIHTC-funded affordable housing comprises approximately 0.57% of the zip code's estimated housing inventory.
The LIHTC program has invested $901,574 in project tax credits for this zip code, with an average of $7,640 per unit. This funding represents 0.03% of California's total LIHTC allocation, indicating a modest investment in affordable housing for this area.
Affordable housing has been present in zip code 92557 since at least 2006, with the completion of Casitas Del Valle. The most recent project, Hemlock Family Apartments, was completed in 2012, spanning a six-year period of LIHTC-funded development. The 2010s saw the most affordable housing activity in this area.
The inventory comprises a mix of unit types, with a focus on family-sized accommodations. There are 4 one-bedroom units, 68 two-bedroom units, 42 three-bedroom units, and 4 four-bedroom units. This distribution suggests an emphasis on housing for families and larger households.
Over the past decade, zip code 92557 has experienced steady population growth, increasing from 49,935 in 2013 to 53,908 in 2022. Median income has also risen significantly, from $69,601 in 2013 to $79,223 in 2022, suggesting improving economic conditions for residents.
The racial composition has remained relatively stable, with a slight increase in Hispanic population from 49% in 2013 to 53% in 2022. The Black population has remained consistent at around 16-17%, while the Asian population has increased slightly from 3% to 5%. The White population has decreased from 27% to 20% during this period.
The demographic trends, particularly the rising median income, may partially explain why no new LIHTC projects have been developed since 2012. However, the continued population growth and racial diversity suggest that there may still be a need for affordable housing options in the area.
Zip code 92557 in Moreno Valley has a modest LIHTC-funded affordable housing inventory, with 118 units developed between 2006 and 2012. While this represents a small percentage of the estimated housing stock, it provides affordable options for low-income residents. The focus on larger units suggests a priority on family housing. Despite rising incomes and no recent LIHTC developments, the area's continued population growth and diverse demographic makeup indicate that affordable housing remains an important consideration for this community.
