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Affordable Housing in Hercules: LIHTC Funding and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hercules, a city in California, possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory that contributes to its diverse community. The city has 242 total units in LIHTC-funded projects, with 215 of these designated as low-income units. Based on the estimated housing inventory of 10,130 units, the LIHTC-funded affordable housing comprises approximately 2.39% of the city's housing stock.
Hercules has received $1,729,972 in project tax credits through the LIHTC program. With three approximate projects, this translates to an average of $576,657 in federal funding per project. The average federal funding per unit is $7,149. Hercules holds 0.06% of California's total LIHTC funding allocation.
The city's LIHTC-funded affordable housing development occurred from 1999 to 2006. The first project, Arbors Apartments, was completed in 1999, while the most recent, Samara Terrace, was finished in 2006. This indicates a seven-year period of LIHTC development activity in Hercules. The 2000s saw the most affordable housing projects completed, with Victoria Green in 2004 and Samara Terrace in 2006.
The housing unit breakdown shows a diverse mix: 110 one-bedroom units, 82 two-bedroom units, 26 three-bedroom units, and 24 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the last decade, Hercules has experienced steady population growth, increasing from 24,915 in 2013 to 26,438 in 2022. The median income has also risen significantly, from $107,461 in 2013 to $118,373 in 2022, indicating an overall improvement in economic conditions.
Racial demographics have remained relatively stable, with Asian residents consistently forming the largest group (41-47%), followed by White (17-20%), Black (15-19%), and Hispanic (13-16%) residents. The city maintains a diverse racial composition.
Despite the population growth and rising median income, no new LIHTC projects have been developed in Hercules since 2006. This could be due to the city's high median income, which may reduce the perceived need for additional affordable housing units.
Hercules' LIHTC-funded affordable housing inventory, while modest at 2.39% of the estimated housing stock, provides 215 low-income units across three projects. The city received nearly $1.73 million in tax credits, averaging $7,149 per unit. LIHTC development occurred between 1999 and 2006, with the most activity in the early 2000s. The diverse unit mix caters to various household sizes. While the population and median income have grown over the past decade, no new LIHTC projects have been developed, possibly due to the city's high median income. Hercules maintains a racially diverse population, with Asian residents forming the largest group.
