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Affordable Housing Analysis in Zip Code 92703: A Three-Decade LIHTC Impact
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 92703 in Santa Ana, California, contains 312 units of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 265 units designated as low-income. This represents approximately 1.36% of the estimated 22,931 housing units in the zip code. The LIHTC projects in this area have received $3,084,334 in tax credits, averaging $9,885 per unit in federal funding. This zip code accounts for 0.1% of the total state LIHTC funding.
Affordable housing development in this zip code spans nearly three decades. The initial LIHTC project, Raitt Street Apts, was completed in 1993, while the most recent, Tiny Tim, was finished in 2021. The 2010s experienced the highest rate of affordable housing development, including projects such as Flower Park Plaza (2006) and Andalucia Apartments (2017).
The LIHTC-funded housing in zip code 92703 offers a range of unit types. The 312 total units comprise 51 efficiencies, 147 one-bedroom units, 25 two-bedroom units, 38 three-bedroom units, and 2 four-bedroom units. This variety accommodates different household sizes and needs within the community.
Zip code 92703 has experienced demographic changes over the past decade. The population decreased from 70,624 in 2017 to 59,851 in 2022, coinciding with the completion of two LIHTC projects. Despite this population decline, the median income increased from $58,841 in 2017 to $67,387 in 2022, indicating a potential shift in the area's economic landscape.
The racial composition of zip code 92703 has remained relatively stable. Between 2017 and 2022, there was a slight increase in the Asian population (from 15% to 16%) and a minor decrease in the Hispanic population (from 79% to 78%). This stability in racial demographics, combined with the increase in median income, may suggest an ongoing need for affordable housing options to maintain diversity and accessibility in the area.
Zip code 92703 in Santa Ana has a significant LIHTC-funded affordable housing presence, covering about 1.36% of the estimated housing inventory. The area has experienced consistent development of affordable housing over nearly three decades, with the most recent project completed in 2021. Despite a decreasing population trend, rising median incomes suggest an evolving economic landscape that may influence future affordable housing needs. The diverse unit types in LIHTC projects cater to various household sizes, contributing to the area's housing diversity. As demographics continue to shift, ongoing assessment of affordable housing needs will be crucial for maintaining a balanced and accessible community.
