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Affordable Housing in La Colonia: LIHTC Impact on a Predominantly Hispanic Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
La Colonia, a neighborhood in Oxnard, California, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 144 total units in LIHTC funded projects, with 142 designated as low-income units. Based on the 2022 population of 8,473 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 3,246 units. The LIHTC funded affordable housing comprises about 4.4% of the estimated housing inventory in La Colonia.
The LIHTC program has invested substantially in La Colonia, with project tax credits totaling $2,319,691. This equates to an average federal funding of approximately $16,109 per unit in LIHTC funded projects. The neighborhood's LIHTC funded affordable housing inventory includes a variety of unit sizes: 48 one-bedroom, 42 two-bedroom, 39 three-bedroom, and 15 four-bedroom units. This range of unit sizes indicates an effort to accommodate diverse household compositions within the affordable housing stock.
The sole LIHTC funded project in La Colonia is Las Cortes, completed in 2018. This project constitutes the entirety of the neighborhood's LIHTC funded affordable housing inventory, indicating a relatively recent introduction of LIHTC funded affordable housing in the area.
La Colonia has experienced demographic changes over the past decade. The population has fluctuated, with 8,473 residents recorded in 2022, an increase from 7,911 in 2019. Median income has shown an overall upward trend, rising from $47,019 in 2013 to $60,609 in 2022, with some fluctuations in between.
The neighborhood has seen a significant increase in its Hispanic population, growing from 89% in 2019 to 98% in 2022. This trend coincides with the completion of the Las Cortes project in 2018, suggesting a potential correlation between the introduction of LIHTC funded affordable housing and changes in the neighborhood's demographic composition.
La Colonia's LIHTC funded affordable housing inventory, while relatively recent, represents a substantial investment in addressing housing needs for low-income residents. The Las Cortes project, completed in 2018, has added 144 units to the neighborhood's housing stock, with nearly all designated for low-income households. This development coincides with demographic shifts, including population growth and an increase in the Hispanic population. While the LIHTC funded units represent a small percentage of the estimated total housing inventory, they play a crucial role in providing affordable housing options in this predominantly Hispanic neighborhood with a median income that has shown overall growth over the past decade.
