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Affordable Housing in Edenvale - Seven Trees: LIHTC's Impact on a San Jose Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Edenvale - Seven Trees neighborhood in San Jose, California, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This neighborhood has 1,168 total units in LIHTC-funded projects, with 1,160 designated as low-income units. Based on an estimated 13,686 housing units in the neighborhood, LIHTC-funded affordable housing comprises approximately 8.5% of the total housing inventory.
The LIHTC program has made substantial investments in this neighborhood, with project tax credits totaling $9,201,977. This equates to an average federal funding of $7,878 per unit in LIHTC-funded projects. The presence of affordable housing in Edenvale - Seven Trees spans over two decades, with the earliest project, Eden Palms Apartments, completed in 1996, and the most recent, Renascent Place, finished in 2020.
The 2000s witnessed the most significant affordable housing development activity, with multiple projects completed during this decade, including Branham Lane Apartments (2005), Orchard Glen Apartments (2006), and Timberwood Apartments (2006). This period marked a considerable expansion of affordable housing options in the neighborhood.
The LIHTC-funded projects in Edenvale - Seven Trees offer a diverse range of unit types. Of the 1,168 total units, there are 197 efficiencies, 574 one-bedroom units, 232 two-bedroom units, 63 three-bedroom units, and 6 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Over the last decade, the neighborhood has experienced demographic changes. The population peaked in 2017 at 41,688 residents but has since decreased to 35,720 in 2022. Despite this population decline, the median income has increased from $71,925 in 2013 to $92,591 in 2022, indicating improving economic conditions for some residents.
The racial composition of Edenvale - Seven Trees has remained relatively stable, with a slight increase in the Asian population (from 33% to 35%) and a minor decrease in the Hispanic population (from 53% to 52%) between 2013 and 2022. The White population has seen a modest increase from 7% to 10% during this period.
The completion of Renascent Place in 2020 suggests that despite rising median incomes, there remains a need for affordable housing in the neighborhood. This could be due to income inequality or the continued presence of a significant low-income population alongside more affluent residents.
The Edenvale - Seven Trees neighborhood has a substantial LIHTC-funded affordable housing inventory, covering about 8.5% of the estimated total housing units. The neighborhood has seen consistent development of affordable housing projects over two decades, with significant activity in the 2000s. The diverse unit types available cater to various household sizes within the low-income population. While the neighborhood has experienced population fluctuations and increasing median incomes over the past decade, the continued development of affordable housing projects indicates an ongoing need for such housing options. The LIHTC program has played a crucial role in addressing affordable housing needs in this San Jose neighborhood, contributing to its diverse housing landscape.
