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Affordable Housing Analysis in Zip Code 93906: LIHTC Funding 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 93906 in Salinas, California, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area encompasses 543 total units in LIHTC-funded projects, with 540 of these designated as low-income units. Based on the estimated 25,408 housing units in the zip code, the LIHTC-funded affordable housing comprises approximately 2.13% of the total housing inventory.
The LIHTC projects in this zip code have received $3,228,307 in project tax credits, averaging about $5,945 in federal funding per unit. This zip code holds 0.11% of California's total LIHTC funding, indicating a modest but notable contribution to the state's affordable housing efforts.
Affordable housing has been present in this zip code for nearly two decades. The first LIHTC project, Regency Court Senior, was completed in 1996, while the most recent, Harden Ranch Apts, was finished in 2014. The 2000s saw the most affordable housing development, with projects like Nantucket Bay Apts (2002) and Sherwood Village (2008) being completed during this decade.
The LIHTC-funded housing in this zip code offers a diverse range of unit types. There are 221 one-bedroom units, 83 two-bedroom units, 63 three-bedroom units, and 18 four-bedroom units, catering to various household sizes and needs.
Over the past decade, the population in this zip code has grown from 60,120 in 2013 to 66,314 in 2022, a 10.3% increase. During this period, the median income rose from $69,100 in 2013 to $85,187 in 2022, representing a 23.3% increase. The racial composition has remained relatively stable, with a slight increase in the Hispanic population from 70% in 2013 to 77% in 2022, and a small decrease in the White population from 16% to 13%.
The most recent LIHTC project in this zip code was completed in 2014, coinciding with the period of population growth and rising median income. This suggests that the affordable housing development was responding to the increasing housing needs of the growing population.
Zip code 93906 in Salinas, California, has a modest but important LIHTC-funded affordable housing inventory, covering about 2.13% of the estimated total housing units. The area has received over $3.2 million in LIHTC funding, supporting 543 units across five projects built between 1996 and 2014. The housing stock offers a range of unit sizes, primarily one-bedroom apartments, catering to diverse household needs. The zip code has experienced population growth and rising median incomes over the past decade, which may have influenced the development of affordable housing projects.
