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Affordable Housing in Lynwood: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Lynwood, California possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city maintains 99 affordable housing units, with 98 classified as low-income units. This LIHTC funded affordable housing represents approximately 0.4% of the city's estimated 24,552 housing units.
Lynwood has received $786,969 in project tax credits from the LIHTC program for affordable housing. With one approximate project, this equates to an average federal funding of $786,969 per project. The average federal funding per unit is $7,949. Lynwood accounts for 0.03% of the total state funding for LIHTC projects in California.
The Park Place Apartments, completed in 2013, is the notable LIHTC funded project in Lynwood. This project has provided affordable housing options to the community for approximately a decade. The affordable housing inventory in Lynwood consists of a mix of unit types, including 6 one-bedroom units, 6 two-bedroom units, and 33 three-bedroom units. This distribution indicates a focus on accommodating families of various sizes within the affordable housing stock.
Lynwood has experienced demographic shifts over the past decade. The population decreased from 71,846 in 2014 to 64,081 in 2022. Despite this population decline, the median income increased from $40,672 in 2014 to $64,481 in 2022.
Recent racial distribution data shows that Lynwood has a predominantly Hispanic population, comprising 92% of the total in 2022. The Black population decreased from 10% in 2021 to 5% in 2022, while the White population declined from 3% to 1% during the same period.
The completion of the Park Place Apartments in 2013 coincided with a period of population growth and the beginning of an upward trend in median income. This suggests that the LIHTC project may have been responding to a growing need for affordable housing as the city's population and economic landscape were evolving.
Lynwood's LIHTC funded affordable housing inventory provides an important resource for low-income residents. The Park Place Apartments project offers a mix of unit sizes to accommodate diverse household needs. Despite recent population declines, the city has experienced rising median incomes, which may influence future affordable housing needs. The predominantly Hispanic demographic of the city may also shape the specific housing requirements of the community. Monitoring these demographic trends will be crucial in assessing and addressing ongoing affordable housing needs in Lynwood.
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