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Affordable Housing in Buena Park: LIHTC Impact on Urban Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Buena Park, located in Orange County, California, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 643 total units, with 575 designated as low-income units. This represents approximately 2% of the city's estimated 31,590 housing units. The city has received $5,376,186 in LIHTC funding for affordable housing projects, averaging $896,031 per project and $8,361 per unit across six projects. Buena Park's share of California's total LIHTC funding is 0.17%, indicating a relatively small portion of the state's affordable housing investment.
Affordable housing development in Buena Park spans two decades, from the completion of Harmony Park Apartments in 1996 to Clark Commons Apartments in 2016. The 2010s saw the most activity, with Park Landing Apartments completed in 2013 and Clark Commons Apartments in 2016. The LIHTC-funded housing in Buena Park offers a diverse range of unit types, including 6 efficiencies, 199 one-bedroom units, 296 two-bedroom units, and 45 three-bedroom units, catering to various household sizes and needs.
Over the past decade, Buena Park's population has remained relatively stable with minor fluctuations. The median income has shown a significant upward trend, increasing from $65,139 in 2017 to $102,840 in 2022. This substantial rise in median income may have influenced the lack of new LIHTC projects since 2016, as the overall economic situation of residents improved.
Racial demographics in Buena Park have shifted slightly. The Asian population increased from 26% in 2017 to 36% in 2022, while the Hispanic population decreased from 41% to 36% during the same period. The White population also saw a decrease from 25% to 20%. These changes in racial composition may have impacted the demand for affordable housing in different areas of the city.
Buena Park's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has experienced steady development of affordable housing projects over two decades, with the most recent additions in the 2010s. The diverse range of unit types accommodates various household sizes. The rising median income and changing racial demographics in recent years may have influenced the demand for affordable housing. The LIHTC program has contributed to addressing the city's affordable housing needs, although other programs may also be addressing housing affordability in Buena Park.
