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Affordable Housing in Paseo Ranchoero: A Demographic Shift and LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Paseo Ranchoero, a neighborhood in Chula Vista, California, has a population of 6,827 as of 2022. The neighborhood contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 40 units, with 39 designated as low-income units. This LIHTC-funded affordable housing represents approximately 1.5% of the neighborhood's estimated 2,616 housing units.
The LIHTC program has contributed $151,176 in tax credits to affordable housing in Paseo Ranchoero, averaging $3,779 per unit in the LIHTC-funded project. The sole LIHTC project, Cordova Village, was completed in 1998, indicating a two-decade presence of affordable housing in the area. Cordova Village consists of 16 two-bedroom units, 16 three-bedroom units, and 8 four-bedroom units, accommodating families of various sizes.
Over the past decade, Paseo Ranchoero has experienced demographic shifts. The population has remained relatively stable, between 6,800 and 7,500 residents. The median income has increased from $106,377 in 2018 to $120,092 in 2022, suggesting overall economic improvement. Racial demographics have shifted, with the Hispanic population increasing from 44% in 2018 to 57% in 2022, becoming the majority. The white population has decreased from 31% to 16%, while the Asian population has remained stable at around 19%.
Despite these demographic changes, no new LIHTC projects have been developed in the past decade. This may be due to the relatively high median income in the area, potentially reducing the perceived need for additional low-income housing. However, other affordable housing programs not captured in this data may be addressing housing needs in the neighborhood.
Paseo Ranchoero's affordable housing landscape is characterized by a single LIHTC project, Cordova Village, providing low-income housing options since 1998. While this project contributes to the neighborhood's affordable housing stock, it represents a small percentage of the overall estimated housing inventory. The area has experienced significant demographic shifts in recent years, particularly in racial composition and median income. These changes, combined with the lack of new LIHTC developments, indicate a complex relationship between housing needs, economic factors, and demographic trends in the neighborhood.
