Loading Content...
Affordable Housing in Florin: Two Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Florin, California, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 1,667 affordable housing units, with 1,638 designated as low-income units. Based on the 2022 population of 60,186 and an estimated 23,060 housing units, LIHTC-funded affordable housing comprises approximately 7.2% of the city's estimated housing inventory.
Florin has received $7,302,769 in project tax credits through the LIHTC program. With approximately 14 projects, this equates to an average of $521,626 in federal funding per project. The average federal funding per unit is about $4,380. Florin holds 0.24% of California's total LIHTC funding, indicating a modest share of the state's affordable housing resources.
The city's affordable housing development spans over two decades. The first LIHTC project, Crossroad Gardens, was completed in 1995, and the most recent, Park Florin, was finished in 2019. The 2000s saw the most affordable housing activity, with several projects completed during this decade. Notable projects from this period include Verandas Apartments (2003), Azure Park Apartments (2004), and Breckenridge Village Apartments (2008).
The LIHTC-funded housing in Florin offers a diverse range of unit types. There are 442 one-bedroom units, 619 two-bedroom units, 224 three-bedroom units, and 12 four-bedroom units. This distribution suggests a focus on accommodating various family sizes and needs. One project of note is Colonia San Martin, completed in 2008, which targets special needs populations.
Over the past decade, Florin's population has remained relatively stable, with slight fluctuations. The median income has shown an overall increase, rising from $53,672 in 2019 to $56,177 in 2022. This trend suggests a gradual improvement in economic conditions for residents.
Racial demographics have also shifted. The Asian population increased from 35% in 2019 to 37% in 2021, before returning to 35% in 2022. The Hispanic population has grown from 27% in 2019 to 31% in 2022. Conversely, the White population has decreased from 18% to 15% during this period. These changes reflect the evolving diversity of Florin.
Florin's LIHTC-funded affordable housing represents a significant portion of its housing inventory, covering 7.2% of estimated units. The city has received substantial federal funding for these projects, averaging $521,626 per project. The affordable housing development in Florin spans over two decades, with the most activity occurring in the 2000s. The diverse unit types cater to various household sizes, and at least one project specifically addresses special needs populations. While the city's population has remained stable, there have been notable shifts in income levels and racial demographics over the past decade, potentially influencing the ongoing need for affordable housing in the community.
