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Affordable Housing in Menlo Park: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Menlo Park, a city in California known for being a hub of technology and innovation in Silicon Valley, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 150 total units in LIHTC-funded projects, with 148 designated as low-income units. Based on the estimated housing inventory of 13,864 units, the LIHTC-funded affordable housing covers 1.08% of the city's housing stock.
Menlo Park has received $3,052,454 in project tax credits through the LIHTC program. With two projects, this translates to an average federal funding of $1,526,227 per project, or $20,350 per unit. The city holds 0.1% of the total state LIHTC funding, indicating a small portion of California's affordable housing efforts.
The LIHTC-funded affordable housing in Menlo Park spans from 2015 to 2017, demonstrating a recent focus on affordable housing development. The two projects are Willow Housing, LP, completed in 2015, and Sequoia Belle Haven, completed in 2017. The 2010s were the decade with the most affordable housing projects completed in the city.
The inventory consists of 54 efficiencies, 91 one-bedroom units, and 5 two-bedroom units. This distribution suggests a focus on housing for individuals and small families. The Willow Housing, LP project targets homeless and disabled veterans, addressing a specific population within the community.
Over the last decade, Menlo Park's population has increased from 34,744 in 2010 to 36,184 in 2022. The median income has risen from $136,714 in 2013 to $147,136 in 2022, indicating an affluent community. Racial demographics have shifted, with the Asian population increasing from 10% in 2013 to 16% in 2022, while the white population decreased from 60% to 53% during the same period. The Hispanic population has remained stable at around 18%.
The development of LIHTC projects in 2015 and 2017 coincides with a period of population growth and rising median incomes, suggesting an effort to maintain affordable housing options in an expensive area.
Menlo Park's LIHTC-funded affordable housing inventory represents a recent effort to provide affordable options in a high-cost area. The focus on efficiency and one-bedroom units, along with specialized housing for veterans, indicates an attempt to address specific housing needs. As the city continues to grow, monitoring the balance between affordable housing and market-rate units will be crucial for maintaining a diverse community.
