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Affordable Housing Analysis in Zip Code 92782: Coventry Court's Impact in Tustin, California
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 92782, located in Tustin, California, has a population of 30,359 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded one affordable housing project in this area, providing a total of 97 low-income units. Based on the estimated housing inventory of 11,632 units, the LIHTC-funded affordable housing covers approximately 0.83% of the zip code's housing stock.
The LIHTC program has allocated $416,361 in tax credits to this zip code for affordable housing development. This translates to an average federal funding of $4,292 per unit. The zip code accounts for 0.01% of the total LIHTC funding in California.
Coventry Court, completed in 2012, is the sole LIHTC-funded project in this zip code. This development has been providing affordable housing options for over a decade. The project consists of 97 units, including 8 one-bedroom and 19 two-bedroom apartments. The remaining 70 units are likely a mix of other configurations.
Over the past decade, the population in this zip code has grown from 25,498 in 2013 to 30,359 in 2022, representing an increase of about 19%. During this period, the median income fluctuated, reaching a peak of $140,730 in 2018 before settling at $128,389 in 2022.
The racial composition of the area has seen some changes. The Asian population has increased from 36% in 2013 to 43% in 2022, while the White population has decreased from 44% to 32% during the same period. The Hispanic population has remained relatively stable, increasing slightly from 13% to 17%.
Despite the population growth and changes in racial composition, there have been no new LIHTC projects in the area since 2012. This could be due to the relatively high median income in the zip code, which may indicate a lower need for additional affordable housing units.
Zip code 92782 has one LIHTC-funded affordable housing project, Coventry Court, which provides 97 low-income units. This represents a small fraction (0.83%) of the estimated housing inventory in the area. The project received $416,361 in tax credits, averaging $4,292 per unit. While the population has grown and the racial composition has shifted over the past decade, no new LIHTC projects have been developed since 2012. The area's high median income may be a factor in the limited expansion of affordable housing through the LIHTC program in recent years.
