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Affordable Housing in Mountain View's 94043 Zip Code: A Long-standing Commitment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 94043 in Mountain View, California, contains a notable LIHTC-funded affordable housing inventory. This area, located near Silicon Valley's technology companies, has 792 total affordable housing units, with 774 specifically designated as low-income units. Based on the estimated 11,989 housing units in the zip code, the LIHTC-funded affordable housing comprises approximately 6.6% of the total housing inventory.
The LIHTC program has invested $4,680,907 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $5,910 per unit. The zip code 94043 accounts for 0.15% of California's total LIHTC funding, indicating a significant investment in affordable housing for the area.
Affordable housing has been present in this community for over three decades. The initial LIHTC project, Fountains, was completed in 1989, while the most recent completed project, Studio 819, was finished in 2015. The 1990s experienced the highest activity in affordable housing development, with projects such as Shorebreeze Apts, Central Park Apts, and Palo Alto Gardens being completed.
The affordable housing inventory in zip code 94043 is diverse, consisting of 48 efficiencies, 451 one-bedroom units, 88 two-bedroom units, 51 three-bedroom units, and 12 four-bedroom units. This distribution suggests a focus on accommodating smaller households and individuals.
The population in zip code 94043 has increased from 25,624 in 2010 to 31,290 in 2022, indicating a steady rise in housing demand. Median income has also increased significantly, from $116,293 in 2013 to $146,181 in 2022, potentially increasing the need for affordable housing options for lower-income residents.
The racial composition of the area has changed slightly, with the Asian population increasing from 30% in 2013 to 34% in 2022, while the white population decreased from 45% to 38% during the same period. The Hispanic population has remained relatively stable at around 16-18%. These demographic changes may influence the need for culturally sensitive affordable housing options.
Zip code 94043 in Mountain View, California, demonstrates a consistent commitment to affordable housing through LIHTC investments. With 792 affordable units, representing 6.6% of the estimated housing inventory, the area has made progress in providing housing options for lower-income residents. The diverse unit types accommodate various household sizes, and the long-standing presence of affordable housing since 1989 indicates an ongoing effort to address housing needs. As the population continues to grow and demographics shift, maintaining and potentially expanding affordable housing options may be crucial for the community's balanced development.
