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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Floresta Gardens, a neighborhood in San Leandro, California, exhibits a substantial presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 983 total units, with 224 designated as low-income units. Based on the 2022 population of 7,763 and an estimated 2,974 housing units, LIHTC-funded projects account for approximately 33% of the neighborhood's estimated housing inventory, indicating a significant contribution to affordable housing in the area.
The LIHTC program has invested $5,060,587 in tax credits for affordable housing projects in Floresta Gardens. This investment translates to an average federal funding of $5,148 per unit across all LIHTC-funded projects in the neighborhood. The affordable housing presence in Floresta Gardens spans from 2011 to 2014, with two notable projects: Eden Lodge, completed in 2011, and Lakeside Village Apartments, finished in 2014.
The LIHTC-funded housing stock in Floresta Gardens offers a range of unit types. The inventory includes 208 efficiencies, 597 one-bedroom units, 177 two-bedroom units, and 1 three-bedroom unit. This distribution suggests a focus on accommodating smaller households and singles, with a significant number of units suitable for couples or small families.
Over the past decade, Floresta Gardens has experienced demographic shifts that may correlate with its LIHTC developments. The population has grown from 6,837 in 2013 to 7,763 in 2022, a 13.5% increase. Median income has also risen, from $60,742 in 2013 to $71,807 in 2022, suggesting improved economic conditions for residents.
Racial demographics have evolved, with notable changes in the Asian and Hispanic populations. The Asian population increased from 37% in 2013 to 41% in 2022, while the Hispanic population grew from 20% to 33% during the same period. Conversely, the white population decreased from 22% to 10%. These shifts indicate a growing diversity in the neighborhood, which may reflect changing housing needs and preferences.
The completion of LIHTC projects in 2011 and 2014 aligns with the period of population growth and increasing median income. This suggests that the affordable housing developments may have played a role in accommodating the neighborhood's expanding and diversifying population while supporting economic growth.
Floresta Gardens demonstrates a significant commitment to affordable housing through its LIHTC-funded projects, which represent about one-third of the estimated housing inventory. The neighborhood has benefited from substantial federal investment in affordable housing, with projects completed in 2011 and 2014. The housing stock offers a variety of unit types, primarily catering to smaller households. Demographic trends over the past decade show population growth, increasing median income, and shifting racial composition, which may be influenced by or reflective of the affordable housing developments in the area. These LIHTC projects appear to be an integral part of Floresta Gardens' housing landscape, potentially contributing to its demographic evolution and economic development.