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Affordable Housing in Los Gatos: LIHTC Funding Spans Two Decades
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Los Gatos, a California town, has utilized the Low-Income Housing Tax Credit (LIHTC) program to develop affordable housing. The program has contributed 171 units, with 169 designated as low-income. This comprises approximately 1.05% of the town's estimated 16,318 housing units. Los Gatos has received $1,724,176 in project tax credits through the LIHTC program, averaging $862,088 per project and $10,083 per unit. The town's share of California's total LIHTC funding is 0.06%.
The LIHTC-funded affordable housing in Los Gatos spans from 1993 to 2013, indicating a twenty-year period of development. The first project, Open Doors, was completed in 1993, and the most recent, Villa Vasona Apartments, in 2013. This demonstrates a sustained, albeit limited, commitment to affordable housing development in the town.
Los Gatos' affordable housing inventory includes a variety of unit types: 81 efficiencies, 26 one-bedroom units, 34 two-bedroom units, 28 three-bedroom units, and 2 four-bedroom units. This distribution accommodates various household sizes within the low-income population.
Los Gatos experienced moderate population growth from 39,146 in 2013 to 42,589 in 2022. The median income increased from $155,889 in 2013 to $167,622 in 2022, indicating growing affluence. Racial demographics shifted, with the Asian population increasing from 12% to 19% and the white population decreasing from 77% to 66% between 2013 and 2022. The Hispanic population remained stable at approximately 9%.
No new LIHTC projects have been completed in Los Gatos since 2013, despite demographic changes and rising incomes. This may be attributed to factors such as high land costs, zoning restrictions, or focus on alternative affordable housing initiatives not captured in the LIHTC data.
Los Gatos' LIHTC-funded affordable housing inventory provides 171 units for low-income residents. The town received over $1.7 million in tax credits, supporting two projects over two decades. The diverse unit types suggest efforts to accommodate various low-income household sizes. The absence of new LIHTC projects in recent years, combined with rising median incomes and changing demographics, indicates a potential need to reassess affordable housing strategies in Los Gatos to ensure alignment with current population needs and economic trends.
