Loading Content...
Affordable Housing Analysis: Zip Code 92653 and Its Lone LIHTC Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 92653, situated in Laguna Hills, California, has a population of 30,026 as of 2022. This area contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides a total of 15 units, with 5 of these designated as low-income units. Based on the estimated 11,504 housing units in the zip code, the LIHTC-funded affordable housing comprises approximately 0.13% of the area's housing inventory.
The LIHTC project in zip code 92653 received $248,831 in tax credits, averaging about $16,589 per unit. This funding represents 0.01% of California's total LIHTC allocation, indicating a relatively small portion of the state's affordable housing investment in this area.
The single LIHTC-funded project in this zip code, Rancho Niguel Apts, was completed in 2005. This project has been providing affordable housing options in the area for over 15 years. The development consists of 4 two-bedroom units, 6 three-bedroom units, and 5 four-bedroom units, offering a range of options for different household sizes.
Over the past decade, zip code 92653 has experienced fluctuations in population, with a notable increase from 29,240 in 2020 to 30,026 in 2022. The median income has also varied, reaching $128,008 in 2021 before decreasing to $118,379 in 2022. These figures suggest a relatively affluent area, which may explain the limited LIHTC investment.
The racial composition of zip code 92653 has remained relatively stable in recent years, with a slight increase in diversity. As of 2022, the population is 56% White, 20% Hispanic, 17% Asian, and 6% identifying as two or more races. The consistent racial distribution and high median income may contribute to the lack of additional LIHTC projects in the area since 2005.
Zip code 92653 has a single LIHTC-funded affordable housing project, Rancho Niguel Apts, completed in 2005. This development provides 15 total units, with 5 designated as low-income units. The project received $248,831 in tax credits, representing a small fraction of California's LIHTC allocation. The area's high median income and stable demographics may explain the limited LIHTC investment in recent years. The current LIHTC-funded housing covers only 0.13% of the estimated housing inventory in zip code 92653.
