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Affordable Housing Analysis in Zip Code 92870: LIHTC Investments 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 92870, located in Placentia, California, has a population of 53,043 as of 2022. This area has two Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, providing a total of 104 units, of which 103 are designated as low-income units. Based on the estimated housing inventory of 20,323 units, the LIHTC funded affordable housing covers approximately 0.51% of the zip code's housing stock.
The LIHTC projects in this zip code have received $2,014,998 in tax credits, averaging $19,375 per unit. This funding represents 0.07% of California's total LIHTC allocations. The first LIHTC project, Villa La Jolla, was completed in 2000, while the most recent, Placentia Veterans Village, was finished in 2020. This 20-year span demonstrates a long-term commitment to affordable housing in the area.
The 2020s saw the most recent affordable housing development with the completion of Placentia Veterans Village. This project added 50 units to the affordable housing inventory, including 45 one-bedroom and 5 two-bedroom units. In total, the LIHTC projects in this zip code offer 45 one-bedroom, 48 two-bedroom, 6 three-bedroom, and 5 four-bedroom units, providing a diverse range of housing options for different household sizes.
Over the past decade, the population in zip code 92870 has grown slightly, from 51,108 in 2013 to 53,043 in 2022. During this period, the median income increased from $88,393 in 2013 to $105,132 in 2022, representing a 19% increase. This rise in median income may have influenced the need for additional affordable housing, as evidenced by the completion of Placentia Veterans Village in 2020.
The racial demographics of the zip code have remained relatively stable over the past decade. The Hispanic population has been the largest group, consistently representing around 38-39% of the population. The White population has slightly decreased from 45% in 2013 to 41% in 2022, while the Asian population has remained steady at around 16-17%. The completion of the Placentia Veterans Village in 2020 aligns with this demographic stability, potentially addressing the ongoing need for affordable housing among diverse populations.
Zip code 92870 in Placentia, California, has a modest LIHTC funded affordable housing inventory, covering about 0.51% of the estimated housing stock. The area has seen two LIHTC projects completed over a 20-year span, with the most recent addition in 2020. Despite rising median incomes, the continued investment in affordable housing suggests an ongoing commitment to addressing housing needs across diverse populations. The mix of unit sizes in these projects caters to various household compositions, reflecting the area's demographic diversity.
