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Affordable Housing in Canoga Park: LIHTC Funding and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Canoga Park, a neighborhood in Los Angeles, California, has 449 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 412 designated as low-income units. This represents approximately 2.12% of the neighborhood's estimated 21,138 housing units. LIHTC projects in Canoga Park have received $4,734,904 in tax credits, averaging about $10,545 per unit in federal funding.
Affordable housing development in Canoga Park spans over two decades, from 1996 to 2007. The first LIHTC project, Alabama Court, was completed in 1996, and the most recent, Hart Village, in 2007. The 2000s saw the most development activity, with three projects completed: Vintage Crossing Senior Apartments (2002), Tierra Del Sol (2005), and Hart Village (2007). The 1990s also had significant activity with three projects: Alabama Court (1996), Noble Pines Apartments (1997), and El Corazon Apartments (1999).
The LIHTC funded projects in Canoga Park offer a range of unit types, including 69 one-bedroom units, 61 two-bedroom units, 71 three-bedroom units, and 19 four-bedroom units. This variety caters to different family sizes and needs within the community.
Canoga Park's population has remained relatively stable over the past decade, with a slight decrease from 55,475 in 2015 to 55,169 in 2022. The median income has shown a moderate increase, rising from $56,542 in 2015 to $61,457 in 2022, indicating a gradual improvement in the neighborhood's economic conditions.
The racial composition of Canoga Park has remained relatively consistent over the past decade. As of 2022, the Hispanic population constitutes the majority at approximately 62%, followed by White (19%), Asian (13%), and Black (4%) residents. This diverse demographic makeup underscores the importance of affordable housing options in the neighborhood.
It is noteworthy that no new LIHTC projects have been completed in Canoga Park since 2007. This could be attributed to various factors, including changes in funding priorities, land availability, or evolving housing needs in the area.
In summary, Canoga Park's LIHTC funded affordable housing inventory, while significant, covers a small percentage of the neighborhood's estimated housing units. The projects span over a decade of development, from 1996 to 2007, with the most activity occurring in the 2000s. The diverse unit types offered reflect the neighborhood's varied population. While the median income has shown a moderate increase over the past decade, the consistent racial composition and stable population suggest an ongoing need for affordable housing options in this diverse Los Angeles neighborhood.
