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Affordable Housing in Oak Center: LIHTC Impact on Neighborhood Composition
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Oak Center, a neighborhood in Oakland, California, has a population of 4,147 as of 2022. The area has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, comprising 390 total units, of which 387 are designated as low-income units. Based on the estimated 1,589 housing units in the neighborhood, LIHTC funded affordable housing represents approximately 24.5% of the neighborhood's housing inventory.
The LIHTC program has invested $2,161,443 in project tax credits in Oak Center. This equates to an average federal funding of about $5,542 per unit in LIHTC funded projects. The neighborhood has experienced consistent development of affordable housing over time, with projects completed in 2004, 2006, and 2016.
Oak Village Apartments, completed in 2004, was the first LIHTC project in Oak Center, while Oak Center I Apartments in 2016 was the most recent addition. This indicates that affordable housing has been a priority in the neighborhood for at least 12 years. The 2010s saw the completion of the largest affordable housing project, Oak Center I Apartments.
The LIHTC funded housing inventory in Oak Center is diverse, catering to various household sizes. It includes 187 efficiencies, 113 one-bedroom units, 48 two-bedroom units, 12 three-bedroom units, and 12 four-bedroom units. This distribution suggests a focus on accommodating both single individuals and families of various sizes.
Over the last decade, Oak Center has experienced demographic shifts. The population increased from 3,681 in 2020 to 4,147 in 2022. Median income rose from $36,744 in 2019 to $44,945 in 2022, indicating potential economic improvements in the neighborhood.
Racial demographics have remained relatively stable. The Black population represents the majority, decreasing slightly from 55% in 2020 to 54% in 2022. The White population increased from 18% to 19% during the same period. The Asian population decreased from 13% to 12%, while the Hispanic population remained steady at around 10%.
The completion of Oak Center I Apartments in 2016 aligns with a period of increasing median income and slight shifts in racial demographics, suggesting that the LIHTC program has continued to respond to the evolving needs of the neighborhood.
Oak Center demonstrates a significant commitment to affordable housing through its LIHTC funded projects. With nearly a quarter of its estimated housing inventory dedicated to affordable units, the neighborhood appears to be addressing the housing needs of its lower-income residents. The diverse unit types available cater to various household sizes, reflecting an inclusive approach to affordable housing development. The consistent implementation of LIHTC projects over more than a decade, coupled with recent demographic changes, suggests an ongoing effort to maintain and expand affordable housing options in response to community needs.
