Cypress, a city in California, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 245 total units, with 242 designated as low-income units. This comprises approximately 1.13% of the city's estimated 21,715 housing units. The LIHTC program in Cypress has received $878,833 in project tax credits, averaging $439,416.50 per project and $3,586.26 per unit. Cypress holds 0.03% of the total state LIHTC funding.

The city's LIHTC-funded affordable housing development occurred between 2005 and 2006, with Tara Village Apartments completed in 2005 and Cypress Sunrise Apartments in 2006. This indicates a concentrated period of affordable housing development in the city. The LIHTC inventory in Cypress includes a diverse mix of unit types: 18 efficiencies, 56 one-bedroom units, 129 two-bedroom units, and 42 three-bedroom units, accommodating various household sizes with an emphasis on two-bedroom units.

Cypress has experienced slight population fluctuations over the past decade, with the 2022 population at 56,677. The median income has shown an overall increasing trend, rising from $90,183 in 2013 to $107,032 in 2022. This income growth may influence the demand for affordable housing in the city. Regarding racial demographics, Cypress has seen a notable increase in its Asian population, growing from 30% in 2013 to 36% in 2022. The Hispanic population has remained relatively stable around 20-21%, while the white population has decreased from 44% in 2013 to 34% in 2022.