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Affordable Housing in Castro Valley: LIHTC Developments Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Castro Valley, a suburban community in Alameda County, California, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory consists of 124 total units, with 123 of these designated as low-income units. Based on the estimated housing inventory of 25,481 units, the LIHTC funded affordable housing covers approximately 0.49% of the city's housing stock.
Castro Valley has received $1,356,665 in project tax credits through the LIHTC program. With two approximate projects, this averages to $678,333 per project. The average federal funding per unit is $10,941. Castro Valley holds 0.04% of the total state LIHTC funding for California.
The first LIHTC project in Castro Valley, Strobridge Court Apartments, was completed in 1997. The most recent project, Lorenzo Creek Apartments, was completed in 2006, indicating a nine-year span of LIHTC-funded affordable housing development in the city. The 2000s saw the most recent affordable housing project completion.
The LIHTC inventory in Castro Valley includes a diverse range of unit types. There are 61 one-bedroom units, 27 two-bedroom units, 34 three-bedroom units, and 2 four-bedroom units. Notably, there are no efficiency units in the LIHTC-funded projects.
Lorenzo Creek Apartments, completed in 2006, targets the Special Needs population. This project likely provides tailored services and accommodations to meet the unique requirements of residents with disabilities or other special needs.
Over the last decade, Castro Valley has experienced some demographic shifts. The population increased from 65,153 in 2016 to 66,506 in 2022. Median income rose from $90,075 in 2016 to $133,285 in 2022, indicating a trend towards higher-income households.
Racial demographics have also shifted. The Asian population increased from 24% in 2016 to 33% in 2022, while the White population decreased from 48% to 35%. The Hispanic population grew from 13% to 21% during this period.
Despite these demographic changes, no new LIHTC projects have been developed in Castro Valley since 2006. The rising median income and shifting racial composition may have influenced the perceived need for additional affordable housing in the area.
Castro Valley's LIHTC-funded affordable housing inventory provides 123 low-income units to the community. The city has received over $1.3 million in tax credits for these projects, which were developed between 1997 and 2006. The housing mix caters to various household sizes, with a focus on one- and three-bedroom units. Despite significant demographic changes in the past decade, including population growth and rising median income, no new LIHTC projects have been developed since 2006. This analysis provides insights into the current state of LIHTC-funded affordable housing in Castro Valley and its relationship to the city's changing demographics.
