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Affordable Housing Analysis in Zip Code 95116: A Decade of LIHTC Development
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 95116 in San Jose, California, contains a substantial inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area encompasses 1,014 total units in LIHTC-funded projects, with 901 designated as low-income units. Based on the 2022 population of 51,636 and an estimated 19,784 housing units, LIHTC-funded affordable housing comprises approximately 5.1% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 95116 have received $12,118,819 in project tax credits, averaging about $11,951 per unit in federal funding. This represents 0.39% of California's total LIHTC funding, indicating a notable concentration of affordable housing investment in this area.
Affordable housing has been a consistent feature of zip code 95116, with projects spanning from 1999 to 2017. The earliest project, Villa Hermosa, was completed in 1999, while the most recent, Villa De Guadalupe Apartments, was finished in 2017. The most active period for affordable housing development was 2003, with five projects completed that year, including Sunset Square Apts, Gadberry Courts, and Hidden Brooks.
The LIHTC-funded housing in zip code 95116 offers a diverse range of unit types. Out of the 1,014 total units, there are 19 efficiencies, 374 one-bedroom units, 262 two-bedroom units, 143 three-bedroom units, and 10 four-bedroom units. This variety caters to different household sizes and needs within the community.
One notable project, Homesafe San Jose, completed in 2003, specifically targets individuals with special needs, potentially providing tailored support and accommodations for this vulnerable population.
Over the past decade, zip code 95116 has experienced fluctuations in population, with a peak of 57,436 residents in 2018, followed by a decline to 51,636 in 2022. Despite these changes, the median income has shown an overall upward trend, rising from $57,062 in 2013 to $74,951 in 2022.
The racial composition of zip code 95116 has remained relatively stable, with a slight increase in the Asian population (from 24% in 2013 to 29% in 2022) and a slight decrease in the Hispanic population (from 64% in 2013 to 58% in 2022). This demographic stability suggests a consistent need for affordable housing options in the community.
Zip code 95116 in San Jose has a substantial LIHTC-funded affordable housing presence, with 901 low-income units across 13 projects. These developments represent a significant investment in affordable housing, accounting for 0.39% of California's LIHTC funding. The area has seen continuous affordable housing development from 1999 to 2017, with a diverse range of unit types to accommodate various household sizes. The consistent population density and rising median income indicate an ongoing need for affordable housing options in this community.
