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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 95363, located in Patterson, California, presents a case study for Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has one LIHTC-funded project, providing a total of 40 affordable units, of which 39 are designated as low-income units.
Based on the estimated housing inventory of 11,671 units for the zip code, the LIHTC-funded affordable housing covers approximately 0.34% of the total housing stock. This percentage indicates a relatively small contribution of LIHTC-funded affordable housing to the overall housing inventory in the area.
The LIHTC program has allocated $343,978 in tax credits to this zip code for affordable housing development. When divided by the total number of units, this equates to an average federal funding of $8,599 per unit. This investment represents 0.01% of California's total LIHTC allocation, suggesting a modest share of state funding for this particular zip code.
The sole LIHTC project in this zip code, Patterson Place Apartments, was completed in 2014. This project has been providing affordable housing options to the community for nearly a decade. The unit distribution in this project includes 16 one-bedroom and 24 two-bedroom units, catering to various household sizes within the low-income population.
The population in zip code 95363 has grown steadily, increasing from 26,327 in 2010 to 30,462 in 2022. This growth may indicate an increasing demand for housing, including affordable options.
Median income in the zip code has fluctuated over the years, with an increase from $64,942 in 2013 to $74,146 in 2022. Despite this overall increase, the presence of LIHTC-funded housing suggests a continued need for affordable options for lower-income residents.
The racial composition of zip code 95363 has seen shifts, with the Hispanic population increasing from 58% in 2013 to 67% in 2022. The white population has decreased from 27% to 21% during the same period. These demographic changes may influence the ongoing need for diverse and affordable housing options in the community.
In summary, while the LIHTC program has made a contribution to affordable housing in zip code 95363, its impact appears to be limited in terms of the overall housing inventory. The single project completed in 2014 provides important affordable housing options, but the growing population and changing demographics suggest there may be ongoing demand for affordable housing in this area. The relatively small share of state LIHTC funding allocated to this zip code indicates potential for further investment in affordable housing development to meet the community's evolving needs.