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Affordable Housing in Fair Oaks: A Single LIHTC Project's Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Fair Oaks, a California community, utilizes the Low-Income Housing Tax Credit (LIHTC) program for affordable housing. The city has 185 LIHTC-funded affordable housing units, all designated as low-income units. These units represent approximately 1.46% of the city's estimated 12,707 housing units.
Fair Oaks has received $466,156 in project tax credits for its LIHTC-funded affordable housing. With one project, this amounts to an average federal funding of $466,156 per project and $2,519 per unit. The city holds 0.02% of the total state LIHTC funding.
The Vintage Woods Senior Apts, completed in 2001, is the LIHTC project in Fair Oaks. This development has provided affordable housing for over two decades. It consists of 185 units, with 96 one-bedroom and 89 two-bedroom apartments, serving various household sizes within the low-income community.
Fair Oaks's population has grown from 31,303 in 2017 to 33,164 in 2022. The median income has increased from $84,745 in 2017 to $94,129 in 2022, with a peak of $106,367 in 2021. This increase in median income may indicate a growing need for affordable housing options.
Racial demographics have remained relatively stable. The white population decreased from 78% in 2017 to 73% in 2022. The Hispanic population increased from 11% to 14% during the same period. These demographic shifts may suggest changing housing needs within the community.
Fair Oaks's LIHTC-funded affordable housing provides a resource for low-income residents. The Vintage Woods Senior Apts project offers 185 units for seniors. Despite rising median income, this affordable housing option demonstrates a commitment to maintaining economic diversity. As Fair Oaks evolves demographically, continued assessment of affordable housing needs will be important to accommodate its diverse population effectively.
