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Affordable Housing Analysis in Zip Code 95035: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 95035 in Milpitas, California, has a population of 80,726 as of 2022 and an estimated housing inventory of 30,930 units. This area has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 322 total units, with 266 designated as low-income units. These LIHTC-funded affordable housing units comprise 1.04% of the estimated housing inventory in the zip code.
The LIHTC program has invested $3,907,364 in tax credits for affordable housing projects in zip code 95035. This equates to an average federal funding of $12,135 per unit. Zip code 95035 accounts for 0.13% of the total LIHTC funding allocated to California.
The affordable housing presence in zip code 95035 spans a decade. The first LIHTC project, Montevista Apts, was completed in 1998. The most recent projects, Aspen Apts and Devries Place Senior Apts, were both completed in 2008. The 2000s saw the most affordable housing activity, with two out of three projects completed during this decade.
The LIHTC-funded housing inventory in zip code 95035 includes various unit types. There is 1 efficiency unit, 127 one-bedroom units, 134 two-bedroom units, and 51 three-bedroom units. This distribution indicates accommodation for different household sizes, with a focus on one and two-bedroom units.
Over the past decade, zip code 95035 has experienced significant demographic changes. The population grew from 72,296 in 2015 to 80,726 in 2022, an increase of 11.7%. During this period, the median income increased from $116,781 in 2015 to $144,756 in 2022, a 24% rise.
The racial composition of zip code 95035 has also shifted. The Asian population grew from 64% in 2015 to 69% in 2022, while the Hispanic population decreased from 16% to 13%. The White population decreased from 14% to 11% during this period.
No new LIHTC projects have been completed in zip code 95035 since 2008. This may relate to the significant increase in median income and the changing demographic composition, potentially indicating a reduced need for additional low-income housing in recent years.
Zip code 95035 in Milpitas, California, has a modest LIHTC-funded affordable housing inventory, representing 1.04% of the estimated total housing units. The area has seen significant demographic changes over the past decade, including population growth, substantial increases in median income, and shifts in racial composition. The LIHTC program has invested over $3.9 million in this zip code, but no new projects have been completed since 2008, possibly reflecting changing housing needs in line with demographic and economic trends. The existing affordable housing stock provides a mix of unit types, catering to various household sizes within the community.
