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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Homaker Park, a neighborhood in Bakersfield, California, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 374 total units in LIHTC funded projects, with 371 designated as low-income units. This inventory of affordable housing addresses community needs.
The neighborhood has an estimated 2,690 housing units, based on the 2022 population of 7,022 and the national average household size of 2.61. The 371 low-income units represent approximately 13.8% of this estimated housing inventory, approaching the 15-20% target for affordable housing stock in a balanced community.
LIHTC program investment in Homaker Park totals $1,764,628 in project tax credits, averaging about $4,718 per unit in LIHTC funded projects. Affordable housing has been present in Homaker Park since 1988, with projects spanning to 2013. The first project, Willows Apts (Bakersfield), was completed in 1988, and the most recent, Residences At West Columbus, in 2013.
The 2000s saw the most affordable housing development activity, with two projects completed: Emerald Glen Apts in 2000 and Panorama Park Apts in 2008. The housing mix in LIHTC funded projects is diverse, emphasizing family-sized units. The inventory includes 2 one-bedroom units, 76 two-bedroom units, and 248 three-bedroom units.
Homaker Park has experienced demographic shifts over the past decade. The population has remained relatively stable, fluctuating between 6,298 and 7,512 residents. Median income has shown an overall upward trend, rising from $16,305 in 2013 to $20,083 in 2022, with a notable increase to $31,088 in 2021.
Racial demographics have also changed. The Hispanic population increased from 40% in 2017 to 56% in 2022, while the Black population decreased from 26% in 2020 to 12% in 2022. The White population has remained relatively stable, ranging from 21% to 24% in recent years.
The completion of the most recent LIHTC project in 2013 coincides with a period of lower median income in the neighborhood. The subsequent increase in median income and shifts in racial demographics may indicate changing housing needs in the area.
Homaker Park demonstrates a significant commitment to affordable housing through its LIHTC funded projects. With 371 low-income units representing about 13.8% of the estimated housing stock, the neighborhood is close to meeting recommended affordable housing targets. The diverse unit mix caters to various household sizes. While no new LIHTC projects have been completed since 2013, the existing inventory continues to play a crucial role in the community. The neighborhood's changing demographics and increasing median income suggest evolving housing needs that may inform future affordable housing strategies in Homaker Park.