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Affordable Housing Analysis in Zip Code 94063: Recent LIHTC Projects in Redwood City, 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 94063, located in Redwood City, California, contains a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area encompasses 185 total units in LIHTC-funded projects, with 128 of these designated as low-income units. Based on the estimated housing inventory of 13,185 units for the zip code, LIHTC-funded affordable housing represents approximately 1.4% of the total housing stock.
The LIHTC projects in zip code 94063 have received $11,311,914 in tax credits, averaging about $61,145 in federal funding per unit. This zip code holds 0.37% of California's total LIHTC funding allocation, indicating a modest but significant investment in affordable housing for the area. Affordable housing has been a part of this zip code for several years, with the earliest project, City Center Plaza, completed in 2017, and the most recent, Fair Oaks Commons, finished in 2020.
The LIHTC-funded projects in zip code 94063 offer a diverse range of unit types. Out of the 185 total units, there are 114 efficiencies, 9 one-bedroom units, 33 two-bedroom units, 22 three-bedroom units, and 7 four-bedroom units. This variety caters to different household sizes and needs within the community.
Over the past decade, zip code 94063 has experienced population growth, increasing from 29,835 in 2010 to 34,412 in 2022. The median income has also risen significantly, from $62,709 in 2013 to $93,854 in 2022, suggesting an overall improvement in economic conditions. Racial demographics have shifted slightly, with the Hispanic population decreasing from 71% in 2013 to 65% in 2022, while the Asian population increased from 5% to 10% during the same period. The White population has remained relatively stable, fluctuating between 19% and 23% over the decade.
The development of LIHTC projects in this period aligns with the population growth and increasing median income, potentially addressing the need for affordable housing in an area experiencing economic changes. Zip code 94063 in Redwood City, California, has a small but significant LIHTC-funded affordable housing presence, representing 1.4% of the estimated housing stock. The area has seen recent investments in affordable housing, with projects completed between 2017 and 2020.
The LIHTC-funded units offer a range of housing types, from efficiencies to four-bedroom units, catering to diverse household needs. The presence of these affordable housing projects suggests ongoing efforts to maintain housing accessibility amidst changing demographics and economic conditions in zip code 94063.
