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Affordable Housing in Pacific Heights: Recent LIHTC Projects Amidst Rising Affluence
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Pacific Heights, a neighborhood in San Francisco, California, has 138 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, with 136 designated as low-income. This comprises approximately 1.9% of the estimated 7,174 housing units in the neighborhood. The LIHTC program has invested $3,006,882 in tax credits for affordable housing projects in Pacific Heights, averaging $21,789 per unit. Two LIHTC funded projects, "2698 California" and "JFK Tower," were completed in 2018.
The affordable housing units in Pacific Heights consist of 107 efficiencies, 29 one-bedroom units, and 2 two-bedroom units, indicating a focus on housing for individuals or small households.
Pacific Heights has experienced demographic shifts over the past decade. The population remained relatively stable, with 19,623 residents in 2020 and 18,724 in 2022. The median income increased from $150,309 in 2015 to $176,917 in 2022, suggesting growing affluence in the neighborhood.
Racial demographics have also changed slightly. The white population decreased from 75% in 2015 to 67% in 2022, while the Asian population increased from 14% to 16%, and the Hispanic population from 6% to 9% during the same period. The introduction of LIHTC funded affordable housing in 2018 may have contributed to this diversification, although other factors could also be involved.
Pacific Heights' LIHTC funded affordable housing inventory represents a recent effort to introduce more affordable options in this high-income neighborhood. The two projects completed in 2018 have added 138 units, primarily studio apartments, to the housing stock. While this covers only a small percentage of the estimated housing inventory, it marks a significant step in diversifying housing options in the area. The recent nature of these developments aligns with demographic shifts observed in the neighborhood, including a slight increase in racial diversity and a continued trend of rising median incomes. These LIHTC projects play a role in maintaining some economic diversity in an increasingly affluent area.
