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Affordable Housing Analysis in Zip Code 93004: Farmworker-Focused LIHTC Projects
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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 93004 in San Buenaventura (Ventura), California, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 354 units in LIHTC-funded projects, with 275 designated as low-income units. This zip code spans 6.89 square miles and had a population of 27,619 in 2022. Using the national average household size of 2.61, the estimated number of housing units in the zip code is 10,582. LIHTC-funded affordable housing comprises approximately 3.34% of the estimated housing inventory in this area.
LIHTC projects in zip code 93004 have received $4,282,809 in tax credits, averaging $12,098 per unit. This funding represents 0.14% of California's total LIHTC allocations. Affordable housing has been present in this zip code for over two decades. The first LIHTC project, Citrus Tree Apartments, was completed in 2000, while the most recent projects, Rancho Verde Apartments and Snapdragon Place Apartments Phase II, were finished in 2019. The 2010s saw the most affordable housing development, with five out of seven projects completed during this decade.
The LIHTC-funded housing in zip code 93004 offers various unit types. There are 89 one-bedroom units, 62 two-bedroom units, 80 three-bedroom units, and 6 four-bedroom units. This variety accommodates different household sizes and needs within the low-income community. A notable project is the Rancho Verde Apartments, completed in 2019, which specifically targets farmworkers. This specialized housing addresses the unique needs of agricultural workers in the area, providing affordable living options close to their work.
Over the past decade, zip code 93004 has experienced demographic shifts. The population has remained relatively stable, with minor fluctuations. The median income has increased significantly, rising from $81,158 in 2013 to $97,834 in 2022. This growth in median income may indicate an increasing need for affordable housing options to maintain economic diversity in the area.
Racial demographics in zip code 93004 have also changed slightly. The Hispanic population has grown from 33% in 2013 to 39% in 2022, while the white population has decreased from 59% to 50% during the same period. The Asian population has increased from 3% to 6%. These changes in racial composition may influence the demand for culturally sensitive affordable housing options.
Zip code 93004 in San Buenaventura (Ventura) has a significant LIHTC-funded affordable housing presence, with 354 total units representing about 3.34% of the estimated housing inventory. The area has seen consistent development of affordable housing over the past two decades, with a concentration of projects completed in the 2010s. The diverse range of unit types and the inclusion of specialized housing for farmworkers demonstrate efforts to meet varied housing needs. The LIHTC projects contribute to affordable housing in the area, but may not fully meet the typical demand for low-income housing. The changing demographics, including rising median income and shifts in racial composition, suggest an ongoing need for affordable housing options to maintain community diversity and support lower-income residents.
