Loading Content...
Affordable Housing in Park El Monte: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Park El Monte, a neighborhood in El Monte, California, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, named Garvey Court, provides 68 affordable housing units, of which 67 are designated as low-income units. Based on the 2022 population of 25,373 and an estimated 9,721 housing units, LIHTC-funded affordable housing comprises approximately 0.7% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $808,498 in tax credits for affordable housing in Park El Monte. This equates to an average federal funding of $11,890 per unit. Garvey Court, completed in 2012, marks the inception of LIHTC-funded affordable housing in the area. The project consists of 67 one-bedroom units and one three-bedroom unit, indicating a focus on housing for individuals or small families.
Over the past decade, Park El Monte has experienced significant demographic changes. The population decreased from 28,252 in 2014 to 25,373 in 2022, a decline of 10%. Despite this population decrease, the median income increased from $48,138 in 2014 to $57,341 in 2022, a rise of 19%.
The racial composition of Park El Monte has also changed. The Hispanic population decreased from 60% in 2014 to 57% in 2022, while the Asian population increased from 34% to 39% during the same period. The white population remained relatively stable at 2-4%.
These demographic shifts, particularly the rising median income, indicate a changing economic landscape in the neighborhood. The completion of Garvey Court in 2012 coincides with a period of lower median income, suggesting it was constructed to address the then-existing need for affordable housing.
Park El Monte's affordable housing landscape is characterized by a single LIHTC-funded project, Garvey Court, which provides 68 units of affordable housing. This represents a small percentage of the neighborhood's estimated housing inventory but constitutes an important contribution to affordable housing options in the area. The neighborhood has experienced demographic changes over the past decade, including a decreasing population, rising median income, and slight changes in racial composition. These trends provide context for understanding the affordable housing needs in Park El Monte and may inform future housing policy decisions.
