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Affordable Housing in Park West: LIHTC's Impact on San Diego Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Park West, a neighborhood in San Diego, California, has a specific Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area currently contains 160 total units in LIHTC-funded projects, with 23 of these designated as low-income units. Based on the 2022 population of 9,199 and an estimated 3,525 housing units, the LIHTC-funded affordable housing comprises approximately 4.5% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $1,769,410 in tax credits for affordable housing projects in Park West. This equates to an average federal funding of about $11,059 per unit across all LIHTC-funded projects in the neighborhood. The first LIHTC project, New Palace Hotel, was completed in 1991, while the most recent, Westminster Manor, was finished in 2015. This indicates that affordable housing has been a component of Park West's landscape for over two decades.
The 2010s experienced the most significant development in LIHTC-funded housing, with Westminster Manor adding 152 units to the neighborhood's affordable housing stock. This project substantially expanded the variety of affordable housing options, including 91 efficiencies and 61 one-bedroom units.
Over the past decade, Park West has experienced fluctuations in population, with a general upward trend from 7,774 in 2013 to 9,199 in 2022. The median income has also shown notable growth, rising from $59,373 in 2013 to $80,294 in 2022. This increase in median income may suggest a reduced need for additional affordable housing in recent years.
The racial composition of Park West has remained relatively stable, with a slight decrease in the white population from 72% in 2013 to 64% in 2022. The Hispanic population has seen a modest increase from 15% to 20% during this period. The Asian population has also grown slightly from 5% to 7%. These demographic shifts, while not drastic, could influence future affordable housing needs in the neighborhood.
Park West's LIHTC-funded affordable housing inventory represents a small but significant portion of its estimated housing stock. The neighborhood has seen two major LIHTC projects over the past three decades, with the most recent addition significantly expanding the number of affordable units, particularly efficiencies and one-bedroom apartments. While the median income has increased substantially over the past decade, the gradual changes in racial composition and overall population growth suggest that ongoing assessment of affordable housing needs in Park West remains important.
