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Affordable Housing in Foster City's Town Center: A Quarter-Century of LIHTC 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
The Town Center neighborhood in Foster City, California, features a significant proportion of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 60 LIHTC units, with 59 designated as low-income. These units represent approximately 24.5% of the estimated 245 housing units in the neighborhood.
The LIHTC program has provided $345,762 in tax credits for affordable housing in this area, averaging about $5,763 per unit. The sole LIHTC project, Metro Center Senior Homes, was completed in 1997, indicating a 25-year presence of affordable housing in the neighborhood.
Metro Center Senior Homes consists of 48 one-bedroom units and 12 two-bedroom units, primarily serving smaller households. The absence of efficiencies and larger units suggests a focus on accommodating individuals or couples, consistent with the project's senior-oriented nature.
The Town Center neighborhood has undergone significant demographic changes over the past decade. The population has increased from 254 in 2013 to 640 in 2022. Median income has risen from $111,238 in 2013 to $148,382 in 2022.
The racial composition of the neighborhood has shifted substantially. The Asian population has grown from 45% in 2013 to 68% in 2022, while the White population has decreased from 42% to 18%. The Hispanic population increased from 2% to 16% between 2013 and 2018 but decreased to 3% by 2022.
Despite the demographic changes and population growth, no new LIHTC projects have been developed in the last decade. This may be attributed to the rapidly increasing median income, potentially reducing the perceived need for additional affordable housing in the area.
The Town Center neighborhood in Foster City maintains a single LIHTC-funded affordable housing project, Metro Center Senior Homes, which has served the community since 1997. This project provides a significant portion of the neighborhood's housing inventory. The neighborhood has experienced substantial population growth and demographic shifts over the past decade, particularly with an increase in the Asian population and median income. Despite these changes, no new LIHTC projects have been developed recently, possibly due to the area's rising affluence. The existing affordable housing continues to play an important role in maintaining some economic diversity in this evolving neighborhood.
