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Affordable Housing in Fiesta Gardens: LIHTC Impact on a Changing 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
Fiesta Gardens, a neighborhood in San Mateo, California, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 59 affordable units, all designated as low-income units. Based on the 2022 population of 2,094 and an estimated 802 housing units, the LIHTC funded affordable housing covers approximately 7.4% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $1,069,652 in tax credits for affordable housing projects in Fiesta Gardens. This translates to an average federal funding of about $18,130 per unit. The neighborhood's LIHTC funded affordable housing inventory consists of one project, "2000 S Delaware Family Housing," completed in 2013. This project marks the beginning of LIHTC's presence in Fiesta Gardens, providing affordable housing options for nearly a decade.
The 59 units in this project are distributed as follows: 18 one-bedroom units, 22 two-bedroom units, and 2 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families and individuals.
Over the past decade, Fiesta Gardens has experienced notable demographic shifts. The population has grown from 1,603 in 2013 to 2,094 in 2022, representing a 30.6% increase. During this period, the median income has also risen significantly, from $106,333 in 2013 to $119,250 in 2022.
The racial composition of the neighborhood has also changed. The Asian population increased from 25% in 2013 to 31% in 2022, while the Hispanic population grew from 19% to 36%. Conversely, the white population decreased from 47% to 23% during this period.
The completion of the LIHTC project in 2013 coincides with the beginning of these demographic shifts, potentially contributing to the neighborhood's diversity and providing affordable housing options as the area's population and income levels increased.
Fiesta Gardens has benefited from LIHTC investment, with one project providing 59 affordable housing units. This accounts for approximately 7.4% of the estimated housing inventory, contributing to the neighborhood's housing diversity. The area has experienced significant population growth and demographic changes since the LIHTC project's completion in 2013, with increases in median income and shifts in racial composition. These trends underscore the importance of affordable housing options in a changing urban landscape.
