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Affordable Housing Analysis in Zip Code 94930: Recent LIHTC Developments in Fairfax, 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 94930 in Fairfax, California, exhibits a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 81 total units in LIHTC-funded projects, with 79 designated as low-income units. Based on the 2022 population of 9,218 and an estimated 3,532 housing units, the LIHTC-funded affordable housing represents approximately 2.29% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 94930 have received $2,082,268 in tax credits, averaging about $25,707 per unit. This funding represents 0.07% of California's total LIHTC allocation, indicating a modest but significant investment in affordable housing for this area.
Zip code 94930 has seen LIHTC-funded affordable housing developments completed in 2019 and 2020, suggesting a recent focus on expanding affordable housing options. The most recent project, Victory Village, was completed in 2020 with 54 total units, including 53 low-income units. Piper Court Apartments, completed in 2019, added 27 units, with 26 designated as low-income.
The housing mix in these LIHTC projects is diverse, with a majority being one-bedroom units (53), followed by two-bedroom (19) and three-bedroom (9) units. This distribution suggests a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, zip code 94930 has experienced a slight population increase, growing from 8,666 in 2010 to 9,218 in 2022. The median income has remained relatively stable, fluctuating around $111,000 to $120,000 annually. This high median income suggests a potentially significant income disparity within the community, highlighting the importance of affordable housing options.
The racial composition of zip code 94930 has remained predominantly white, though there has been a slight increase in diversity. The Hispanic population grew from 6% in 2013 to 7% in 2022, while the Asian population increased from 2% to 4% during the same period. This gradual diversification may have influenced the recent development of LIHTC-funded housing to ensure inclusive housing options for all community members.
Zip code 94930 has recently invested in LIHTC-funded affordable housing, with two projects completed in 2019 and 2020. While these projects provide a modest 2.29% of the estimated housing inventory, they represent a significant step towards addressing affordable housing needs in an area with high median incomes. The diverse unit mix caters to various household sizes, and the recent completion dates suggest an ongoing commitment to expanding affordable housing options in this community.
