Loading Content...
Affordable Housing in Park Plaza: LIHTC Impact on Richmond Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Park Plaza, a neighborhood in Richmond, California, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 80 total units, with 79 of these designated as low-income units. Based on the 2022 population of 3,189 and using the national average household size, approximately 1,222 housing units are estimated in the neighborhood. The LIHTC-funded affordable housing covers about 6.5% of the estimated housing inventory in Park Plaza.
The LIHTC program has invested significantly in Park Plaza, with project tax credits totaling $1,441,670. This translates to an average federal funding of approximately $18,021 per unit in LIHTC-funded projects. The neighborhood's LIHTC inventory is represented by a single project, the Miraflores Senior Apartments, completed in 2018. This project marks the beginning of LIHTC-funded affordable housing in the neighborhood.
The Miraflores Senior Apartments project consists of 79 one-bedroom units and 1 two-bedroom unit, indicating a focus on accommodating smaller households, potentially seniors or individuals living alone. The project's name suggests it may cater specifically to the senior population, addressing the housing needs of older residents in the Park Plaza neighborhood.
Over the past decade, Park Plaza has experienced fluctuations in its population and demographic composition. The population increased from 2,603 in 2019 to 3,189 in 2022, a growth of about 22.5%. During this period, the median income decreased from $55,678 in 2019 to $42,098 in 2022, suggesting an increasing need for affordable housing options.
The racial composition of Park Plaza has also evolved. The Hispanic population has remained the largest group, increasing from 48% in 2019 to 52% in 2022. The Black population has slightly decreased from 37% to 38% during the same period. The Asian population has remained relatively stable at 2-4%, while the White population has decreased slightly from 6% to 4%. These demographic shifts may have influenced the decision to develop LIHTC-funded housing in the neighborhood.
Park Plaza's LIHTC-funded affordable housing inventory, while covering a modest 6.5% of the estimated housing stock, represents a significant investment in addressing affordable housing needs. The Miraflores Senior Apartments, completed in 2018, provides 79 low-income units, primarily one-bedroom apartments. This project aligns with the neighborhood's demographic trends, including population growth and decreasing median income. As the community continues to evolve, ongoing assessment of affordable housing needs will be crucial to ensure adequate support for low-income residents.
