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Affordable Housing in Fresno's Hoover Neighborhood: Three Decades of LIHTC Development
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 Hoover neighborhood in Fresno, California, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 1,220 total units in LIHTC funded projects, with 1,212 designated as low-income units. Based on the 2022 population of 67,480 and using the national average household size, the estimated number of housing units in the neighborhood is approximately 25,854. LIHTC funded affordable housing comprises about 4.7% of the estimated housing inventory in Hoover.
The LIHTC program has made substantial investments in Hoover, with project tax credits totaling $2,780,155. This equates to an average federal funding of approximately $2,279 per unit in LIHTC funded projects. Affordable housing development in the neighborhood has occurred over a 26-year span, with the earliest recorded project, Sierra Meadows, completed in 1990, and the most recent, El Cazador Apartments, finished in 2016.
The 1990s experienced the highest affordable housing activity, with five projects completed during this decade, including Village At 9Th Apts, Village At Shaw Apts, Cedar Tree Apts, and Whispering Woods. The 2000s and 2010s each saw two projects completed, indicating continued, albeit slower, affordable housing development.
Hoover's LIHTC funded housing stock includes a mix of unit types, with a notable emphasis on two-bedroom units. The distribution comprises 149 one-bedroom units, 548 two-bedroom units, 78 three-bedroom units, and 4 four-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Over the past decade, Hoover's population has remained relatively stable, with slight fluctuations. The median income has shown a general upward trend, increasing from $45,543 in 2013 to $56,317 in 2022. This rise in median income may partially explain the slower pace of LIHTC project development in recent years.
Racial demographics have remained fairly consistent, with minor shifts. The Hispanic population has increased slightly from 37% in 2013 to 44% in 2022, while the White population decreased from 42% to 37% over the same period. The Asian and Black populations have remained relatively stable at around 9% and 5% respectively in recent years.
The Hoover neighborhood in Fresno has a notable LIHTC funded affordable housing presence, covering about 4.7% of the estimated housing inventory. The area has experienced consistent development of affordable housing over nearly three decades, with a concentration of projects in the 1990s. The housing stock is diverse, catering to various household sizes, with a focus on two-bedroom units. While the neighborhood's population has remained relatively stable, the rising median income and slight shifts in racial demographics provide context for the slower pace of LIHTC project development in recent years. This analysis highlights the ongoing role of LIHTC in addressing affordable housing needs in the Hoover neighborhood.
