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Affordable Housing in Lakeside: A Single LIHTC Project's Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lakeside, California, a community with 2,126 residents as of 2022, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project provides 79 units, with 78 designated as low-income units. The LIHTC-funded affordable housing comprises approximately 9.7% of the city's estimated 814 housing units.
The LIHTC-funded affordable housing in Lakeside has received $525,977 in project tax credits, averaging $6,658 per unit in federal funding. This funding represents 0.02% of California's total state funding for affordable housing. The sole LIHTC project, Maplewood Apartments, was completed in 2016 and has been operational for about 7 years. It offers 51 two-bedroom units and 28 three-bedroom units, accommodating various family sizes.
Lakeside has experienced significant demographic changes over the past decade. The population increased by 26% from 1,686 in 2015 to 2,126 in 2022. The median income has fluctuated, reaching $126,763 in 2019 before decreasing to $51,088 in 2022. The racial composition has also shifted, with the Hispanic population increasing from 25% to 60% between 2015 and 2022, while the white population decreased from 49% to 30%. The black population saw a slight increase from 5% to 9% during this period.
The completion of the Maplewood Apartments in 2016 coincides with the beginning of these demographic shifts, suggesting that the LIHTC project may have been a response to changing housing needs in the community.
The Maplewood Apartments, Lakeside's LIHTC-funded affordable housing project, contributes significantly to the city's affordable housing stock. Completed in 2016, it offers 79 units, primarily two and three-bedroom apartments. This aligns with the observed demographic trends over the past decade, including population growth and changes in racial composition. While the LIHTC project covers nearly 10% of the estimated housing inventory, other affordable housing programs may also contribute to meeting the community's needs. The substantial fluctuations in median income in recent years underscore the importance of maintaining and potentially expanding affordable housing options in Lakeside.
