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Affordable Housing in Old City, Oakland: Three Decades of LIHTC Presence
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Old City, a neighborhood in Oakland, California, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 50 total units, with 49 of these designated as low-income units. Based on the estimated housing inventory of 697 units for the neighborhood's 2022 population, the LIHTC funded affordable housing covers approximately 7.2% of the neighborhood's housing stock.
The LIHTC projects in Old City have received a total of $212,465 in project tax credits. This translates to an average federal funding of $4,249 per unit across all LIHTC funded projects in the neighborhood.
The first LIHTC project in Old City was completed in 1988 with the Madrone Hotel, while the most recent project, Swans Market Hall Apts, was finished in 1999. This indicates that affordable housing has been present in the neighborhood for over three decades. The 1980s and 1990s were the decades with the most affordable housing projects completed in Old City.
The LIHTC funded housing inventory in Old City includes a mix of unit types. Of the 50 total units, 8 are one-bedroom apartments and 1 is a two-bedroom unit. The remaining units' configurations are not specified in the data.
Over the past decade, Old City has experienced fluctuations in its population, with a general upward trend from 1,880 residents in 2018 to 1,820 in 2022. The median income has shown significant growth, increasing from $55,627 in 2018 to $68,193 in 2022. This rise in median income might suggest a decreasing need for additional affordable housing in recent years.
Regarding racial demographics, the neighborhood has maintained a diverse composition. From 2018 to 2022, the Asian population decreased slightly from 43% to 34%, while the Black population remained stable at around 20-22%. The Hispanic population fluctuated between 12-16%, and the White population increased from 20% to 25%. This demographic shift might influence future affordable housing needs in the neighborhood.
Old City's LIHTC funded affordable housing inventory, while not extensive, provides a foundation of affordable units that have been present for over 30 years. The neighborhood has seen economic growth in recent years, as evidenced by rising median incomes. The diverse racial composition of Old City has remained relatively stable, with slight shifts in proportions. These factors, combined with the existing LIHTC inventory, contribute to the overall housing landscape of the neighborhood, though additional affordable housing initiatives beyond LIHTC may be necessary to fully meet the community's needs.
