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Affordable Housing in Lake Forest, California: Analysis of Zip Code 92630's LIHTC-Funded Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 92630 in Lake Forest, California, contains 189 affordable housing units, of which 187 are designated as low-income units. These units are funded through the Low-Income Housing Tax Credit (LIHTC) program. The 2022 population of this zip code was 64,202, with an estimated 24,598 housing units. LIHTC-funded affordable housing comprises approximately 0.77% of the zip code's estimated housing inventory.
The LIHTC program has allocated $1,793,120 in tax credits for affordable housing projects in zip code 92630. This equates to an average federal funding of $9,487 per unit. This investment represents 0.06% of California's total LIHTC funding. The sole LIHTC-funded project in this zip code is Baker Ranch Affordable, also known as Arroyo At Baker Ranch, completed in 2015. This development offers 57 one-bedroom, 75 two-bedroom, and 57 three-bedroom units.
Zip code 92630 experienced population growth from 59,082 in 2013 to 64,202 in 2022, an increase of 8.7%. During the same period, the median income rose from $99,060 to $107,741, an 8.8% increase. Despite income growth, the implementation of the LIHTC project indicates an ongoing need for affordable housing options.
The racial demographics of zip code 92630 have changed between 2013 and 2022. The Asian population increased from 13% to 18%, while the white population decreased from 54% to 48%. The Hispanic population remained relatively stable, ranging between 26% and 29%. These demographic shifts may have influenced the decision to develop affordable housing in the area.
Zip code 92630 in Lake Forest, California, has made a contribution to affordable housing through the LIHTC program. The Baker Ranch Affordable project provides 189 units of affordable housing, representing 0.77% of the estimated housing inventory. This percentage, while small, is a step towards addressing affordable housing needs in the area. The demographic trends, including population growth and changes in racial composition, highlight the importance of diverse housing options in this zip code. Continued monitoring and addressing of affordable housing needs will be important for maintaining a balanced and inclusive neighborhood.
