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Affordable Housing Analysis in Zip Code 95608: A Decade of LIHTC Investments
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 95608 in Carmichael, California, exhibits a diverse affordable housing inventory funded by the Low-Income Housing Tax Credit (LIHTC) program. The area contains 272 total units in LIHTC-funded projects, with 251 designated as low-income units. Based on the 2022 population of 62,945 and an estimated 24,117 housing units, the LIHTC-funded affordable housing comprises approximately 1.13% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 95608 have received $1,791,081 in tax credits, averaging about $6,585 per unit. This funding represents 0.06% of California's total LIHTC allocation, indicating a modest share of the state's affordable housing investment in this area.
Affordable housing has been present in zip code 95608 for over a decade, with projects completed between 2005 and 2019. The earliest project, Sierra Sunrise Senior Apartments I, was constructed in 2005, while the most recent, Fairwood Apartments, was completed in 2019. The 2000s witnessed the most affordable housing development, with two projects completed during this decade.
The LIHTC-funded housing in zip code 95608 offers a mix of unit types, including 68 efficiencies, 136 one-bedroom units, 52 two-bedroom units, and 16 three-bedroom units. This distribution suggests a focus on smaller households and potentially senior living arrangements.
Over the past decade, zip code 95608 has experienced steady population growth, increasing from 59,911 in 2013 to 62,945 in 2022. Median income has also risen significantly, from $67,489 in 2013 to $77,275 in 2022, with a peak of $89,816 in 2021. This income growth may have influenced the need for affordable housing in the area.
The racial composition of zip code 95608 has become more diverse over time. The white population decreased from 73% in 2013 to 65% in 2022, while the Asian population increased from 4% to 8%, and the Hispanic population grew from 10% to 15%. This increasing diversity may reflect changing housing needs in the community.
The analysis of LIHTC-funded affordable housing in zip code 95608 reveals a modest but consistent investment in affordable housing over the past two decades. While the current inventory covers a small percentage of the estimated housing units, it provides important housing options for low-income residents. The area has seen notable demographic shifts, including population growth, rising median income, and increasing racial diversity, which may influence future affordable housing needs and development in this zip code.
