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Affordable Housing in 94041: LIHTC's Impact on Mountain View's Housing Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 94041 in Mountain View, California, situated in Silicon Valley, features a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 51 total units in LIHTC-funded projects, with 5 units designated as low-income. Based on the 2022 population of 16,435 and an estimated 6,297 housing units, LIHTC-funded affordable housing comprises approximately 0.81% of the zip code's estimated housing inventory.
The LIHTC program has made a significant investment in zip code 94041, with project tax credits totaling $654,616. This equates to an average federal funding of about $12,835 per unit in LIHTC-funded projects. Notably, this zip code accounts for 2% of California's total LIHTC funding, indicating a substantial allocation for affordable housing in this area.
A significant LIHTC project in zip code 94041 is the Franklin Street Family Apartments, completed in 2013. This development contributes to the area's affordable housing stock with a mix of unit types, including 4 one-bedroom, 32 two-bedroom, and 15 three-bedroom units. The absence of efficiencies and four-bedroom units suggests a focus on accommodating small to medium-sized families.
Zip code 94041 has experienced notable demographic shifts over the past decade. The population has grown from 15,070 in 2013 to 16,435 in 2022, indicating a steady increase in residents. Concurrently, the median income has risen from $109,056 in 2013 to $156,189 in 2022, reflecting the area's economic prosperity.
Racial demographics have remained relatively stable, with slight fluctuations. The Asian population has increased from 26% in 2013 to 27% in 2022, while the Hispanic population has decreased from 24% to 23% in the same period. The white population has remained the largest group, though decreasing from 44% to 40%.
The completion of the Franklin Street Family Apartments in 2013 coincides with the beginning of this period of population growth and increasing median income. Despite the rising affluence, the presence of LIHTC-funded housing underscores the ongoing need for affordable options in this high-cost area.
Zip code 94041 in Mountain View presents a case of affordable housing in a rapidly growing, high-income area. While LIHTC-funded units comprise a small percentage of the estimated housing stock, they play a role in maintaining some level of economic diversity. The investment through LIHTC, accounting for 2% of California's allocation, highlights the recognition of affordable housing needs in affluent neighborhoods. As the area continues to experience population growth and rising incomes, the presence of affordable housing options remains a factor in community planning and development.
