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Affordable Housing in Downey: LIHTC Program's Impact on a Changing Demographic Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Downey, a city in California, has a presence of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC inventory consists of 144 total units, with 140 designated as low-income units. Based on the estimated 42,110 housing units in Downey, the LIHTC-funded affordable housing covers approximately 0.34% of the city's housing inventory.
Downey has received $1,362,144 in project tax credits through the LIHTC program. With three projects, this translates to an average of $454,048 in federal funding per project. On a per-unit basis, the average federal funding amounts to $9,459. The city holds 0.04% of California's total LIHTC funding, indicating a relatively small share of the state's affordable housing investment.
Affordable housing has been present in Downey since at least 2001, with the most recent project completed in 2014. The earliest projects, Birchcrest Apartments and Downey Senior Apartments, were both completed in 2001. The most recent addition, Downey View, was finished in 2014, spanning a 13-year period of LIHTC-funded affordable housing development in the city.
The first decade of the 2000s saw the most affordable housing projects completed in Downey. The LIHTC-funded housing in Downey offers a mix of unit types, with 24 one-bedroom units, 77 two-bedroom units, and 32 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, Downey's population has remained relatively stable, with a slight decrease from 114,211 in 2015 to 109,908 in 2022. The median income has shown an overall upward trend, rising from $69,860 in 2015 to $85,089 in 2022, which may indicate a growing need for affordable housing options.
Racially, the Hispanic population has consistently been the majority, ranging from 71% to 79% over the past decade. The Asian population has slightly increased from 5% to 9%, while the White population has decreased from 17% to 9%. This demographic shift might influence the need for culturally sensitive affordable housing options.
Downey's LIHTC-funded affordable housing inventory, while modest in comparison to the city's overall housing stock, provides 140 low-income units across three projects. The city has seen a steady investment in affordable housing over a 13-year period, with projects catering to various household sizes. While the population has remained relatively stable, rising median incomes and demographic shifts may influence future affordable housing needs in Downey.
