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Affordable Housing in Fallbrook: LIHTC Funding 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
Fallbrook, a census-designated place in California, has implemented the Low-Income Housing Tax Credit (LIHTC) program to support affordable housing. The program has funded 262 total units, with 260 designated as low-income units. This inventory constitutes approximately 1.77% of the estimated 14,770 housing units in Fallbrook, based on the 2022 population and national average household size.
The LIHTC program has allocated $2,800,044 in project tax credits to Fallbrook. With approximately 5 projects funded, this equates to an average of $560,009 per project or $10,687 per unit. Fallbrook's share of California's total LIHTC funding is 0.09%, representing a small but notable contribution to the state's affordable housing initiatives.
Affordable housing development in Fallbrook through the LIHTC program spans over 16 years. The first project, Kalmia Courtyards, was completed in 1997, and the most recent, Casa De Cortez, in 2013. The period between 2000 and early 2010s saw the highest activity, with four out of five projects completed during this time.
The affordable housing units in Fallbrook comprise 42 one-bedroom, 125 two-bedroom, 23 three-bedroom, and 1 four-bedroom units. This distribution indicates a focus on accommodating various household sizes, with an emphasis on small to medium-sized families.
Fallbrook's population has experienced minor fluctuations over the past decade, increasing from 35,720 in 2013 to 38,549 in 2022. The median income has risen substantially from $71,222 in 2013 to $80,654 in 2022. This income growth may have implications for affordable housing needs in recent years.
Racial demographics in Fallbrook have undergone significant changes. The Hispanic population increased from 35% in 2013 to 50% in 2022, while the white population decreased from 57% to 41% during the same period. These demographic shifts may influence future affordable housing needs and planning strategies.
The LIHTC-funded affordable housing in Fallbrook represents a small but significant portion of its housing stock. The city has experienced consistent development of affordable housing projects over nearly two decades, offering a range of unit sizes to meet diverse household needs. While the LIHTC program has made a notable contribution, the current inventory comprises less than 2% of the estimated housing units, suggesting potential for further affordable housing development. The changing demographics and increasing median income in Fallbrook may shape future affordable housing strategies and requirements.
