Affordable housing has been a feature in Lakewood since 1999, with the completion of Orchard Gardens Apartments and Borregas Court. The most recent addition, Edwina Benner Plaza, was completed in 2018, demonstrating nearly two decades of continued investment in affordable housing. The 1990s saw the most affordable housing activity, with two projects completed during this decade. The housing mix in these LIHTC projects includes 192 efficiencies, 7 one-bedroom units, 40 two-bedroom units, and 19 three-bedroom units, catering to different household sizes and needs within the low-income population.

Lakewood's population has grown steadily from 23,684 in 2013 to 26,066 in 2022. The median income has increased from $98,380 in 2013 to $130,165 in 2022, indicating overall economic improvement. The racial composition has changed, with the Asian population growing from 41% in 2013 to 46% in 2022, while the White population decreased from 33% to 25%. The Hispanic population increased slightly from 20% to 24%.

Despite rising median incomes, the completion of Edwina Benner Plaza in 2018 suggests a continued need for affordable housing, possibly due to increasing living costs or to accommodate the growing population. Lakewood's LIHTC-funded affordable housing inventory, while modest compared to the estimated total housing units, provides important low-income housing options. The neighborhood has seen consistent investment in affordable housing over nearly two decades, with projects serving various household sizes. The changing demographic landscape may influence future affordable housing needs in the neighborhood.