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Affordable Housing Impact in Mill Valley's Evolving Bayfront Neighborhood
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 Bayfront/Enchanted Knolls/Shelter Ridge neighborhood in Mill Valley, California, contains a significant proportion of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 69 total units in LIHTC-funded projects, with 65 designated as low-income units. Based on the 2022 population of 2,162 and an estimated 828 housing units, the LIHTC-funded affordable housing comprises approximately 8.3% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $853,649 in tax credits for affordable housing in this neighborhood. This equates to an average federal funding of about $12,372 per unit in LIHTC-funded projects. The only LIHTC project in the area, Shelter Hill Apartments, was completed in 2013, marking the introduction of LIHTC-funded affordable housing to this neighborhood.
Shelter Hill Apartments offers a variety of unit sizes, including 4 one-bedroom units, 25 two-bedroom units, and 4 three-bedroom units. This distribution indicates an effort to accommodate different household sizes and needs within the affordable housing stock.
The neighborhood has undergone demographic changes over the past decade. The population has decreased from 2,631 in 2013 to 2,162 in 2022, a decline of about 17.8%. Despite this population decrease, the median income has increased from $90,402 in 2013 to $111,467 in 2022, representing a 23.3% increase.
Racial demographics have also changed. The white population has decreased from 79% in 2013 to 57% in 2022, while the Asian population has increased from 4% to 26% during the same period. The Hispanic population has decreased from 12% to 3%, and the Black population has increased slightly from 1% to 5%.
These demographic shifts, particularly the increase in median income, may indicate changing housing needs in the neighborhood. However, the continued presence of LIHTC-funded housing suggests an ongoing commitment to maintaining affordable options in an area with rising incomes.
The Bayfront/Enchanted Knolls/Shelter Ridge neighborhood demonstrates a commitment to affordable housing through its LIHTC-funded project. While the 69 units represent a modest portion of the estimated housing inventory, they provide important affordable options in an area that has experienced rising incomes and demographic changes over the past decade. The variety of unit sizes in the Shelter Hill Apartments project indicates an effort to meet diverse housing needs within the low-income population. As the neighborhood continues to evolve, the presence of these affordable units may play a significant role in maintaining economic diversity and housing accessibility in the community.
