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Affordable Housing in Lakeview: Analysis of LIHTC Project Impact on Bakersfield 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
Lakeview, a neighborhood in Bakersfield, California, has a population of 16,640 as of 2022. The neighborhood contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 49 units, with 48 designated as low-income units. Based on the estimated housing inventory of 6,375 units, LIHTC funded affordable housing comprises approximately 0.77% of the neighborhood's housing stock.
The LIHTC program has invested $741,664 in tax credits for affordable housing in Lakeview. This equates to an average federal funding of $15,136 per unit in the LIHTC-funded project. The sole LIHTC project in the neighborhood, "Bakersfield Seniors," was completed in 2013, marking the introduction of LIHTC-funded affordable housing in the area.
The project consists of 48 one-bedroom units and a single two-bedroom unit. This unit distribution indicates a focus on housing for individuals or small households, aligning with the project's name suggesting a senior-oriented development.
Since the LIHTC project's completion in 2013, the neighborhood's population has grown from 14,981 to 16,640 in 2022, an 11% increase. This population growth may indicate rising housing demand in the area.
Median income in Lakeview has increased significantly, from $25,539 in 2013 to $34,605 in 2022, a 35.5% rise. This upward trend in income levels may affect the need for affordable housing in the neighborhood.
Regarding racial demographics, the Hispanic population remains predominant, consistently comprising over 80% of the neighborhood's population. The white population has increased slightly from 3% in 2013 to 8% in 2022, while the Black population has decreased from 11% to 7% over the same period.
Lakeview's affordable housing landscape is characterized by a single LIHTC-funded project, "Bakersfield Seniors," completed in 2013. This project provides 49 units, primarily one-bedroom apartments, indicating a focus on senior housing. While LIHTC-funded units represent a small fraction of the estimated housing inventory, other affordable housing programs may exist in the neighborhood.
The neighborhood has experienced population growth and a substantial increase in median income since the LIHTC project's completion. These demographic shifts, along with changes in racial composition, may influence future affordable housing needs in Lakeview. The focus on senior housing in the existing LIHTC project highlights a specific approach to addressing affordable housing needs for a particular population segment.
