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Affordable Housing in Elysian Valley: LIHTC Impact and 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
Elysian Valley, a Los Angeles neighborhood, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 125 LIHTC units, with 118 designated as low-income. Based on the 2022 population of 6,032 and using the national average household size, the estimated total housing units in the neighborhood is 2,311. LIHTC-funded affordable housing represents approximately 5.4% of the estimated housing inventory in Elysian Valley.
The LIHTC program has invested $437,982 in tax credits for affordable housing projects in Elysian Valley, averaging $3,504 per unit in federal funding. The neighborhood's sole LIHTC project, HDR Portfolios, was completed in 2007, marking the beginning of LIHTC-funded affordable housing in the area. This project has been in existence for at least 15 years.
HDR Portfolios offers a diverse range of unit types to accommodate various household sizes. The project includes 33 efficiencies, 66 one-bedroom units, 24 two-bedroom units, and 2 three-bedroom units. This distribution indicates a focus on smaller households, with a significant number of units suitable for individuals or couples.
Elysian Valley has experienced demographic changes over the past decade. The population decreased from 6,613 in 2020 to 6,032 in 2022. Despite this decrease, the median income increased from $71,629 in 2020 to $70,359 in 2022, suggesting a slight improvement in overall economic status.
The racial demographics of the neighborhood have also shifted. The Hispanic population, previously the majority, decreased from 53% in 2020 to 43% in 2022. Conversely, the Asian population increased from 26% to 35% during the same period. The White population remained relatively stable, moving from 15% to 16%. These changes indicate a diversifying neighborhood, which may influence future affordable housing needs.
Elysian Valley's LIHTC-funded affordable housing inventory, while modest in size, contributes to addressing the neighborhood's housing needs. The HDR Portfolios project provides a mix of unit types, primarily serving smaller households. The neighborhood's recent demographic shifts, including population decrease, increased median income, and changes in racial composition, may impact future affordable housing needs and development in Elysian Valley.
