Loading Content...
Affordable Housing in Nob Hill: LIHTC's Impact on a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Nob Hill, a neighborhood in San Francisco, California, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 422 total units, with 421 designated as low-income units. This represents approximately 6.8% of the estimated 6,181 housing units in Nob Hill, indicating a notable presence of affordable housing, though it falls short of the 15-20% target for a well-balanced community.
The LIHTC program has invested substantially in Nob Hill, with project tax credits totaling $10,160,906. This equates to an average federal funding of $24,078 per unit, demonstrating a significant financial commitment to affordable housing in the neighborhood. Two notable LIHTC projects in Nob Hill, Ping Yuen and Ping Yuen North, were completed in 2019, representing the most recent additions to the neighborhood's affordable housing stock.
The affordable housing inventory in Nob Hill is diverse, consisting of 45 efficiencies, 79 one-bedroom units, 93 two-bedroom units, 97 three-bedroom units, and 21 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Nob Hill has experienced a population decline over the past decade, decreasing from 19,002 in 2014 to 16,132 in 2022. Despite this reduction, the median income has generally trended upward, reaching $105,311 in 2022. This trend could indicate gentrification or changing neighborhood dynamics.
The racial composition of Nob Hill has remained relatively stable, with a slight decrease in the Asian population (from 50% in 2014 to 48% in 2022) and a small increase in the White population (from 39% in 2014 to 41% in 2022). The completion of two major LIHTC projects in 2019 may have been a response to maintain diversity and affordability in the face of rising incomes and potential displacement.
Nob Hill's LIHTC funded affordable housing inventory plays a crucial role in maintaining some level of affordability in this high-cost neighborhood. The recent completion of two significant projects in 2019 demonstrates ongoing efforts to address affordable housing needs. While the current inventory falls short of ideal targets, it provides essential housing options for low-income residents in an area with rising median incomes. The diverse unit types available contribute to the neighborhood's socioeconomic diversity.
