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Affordable Housing in Peralta-Laney: LIHTC's Impact on Neighborhood Demographics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Peralta-Laney neighborhood in Oakland, California, demonstrates a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 167 total units, with 165 designated as low-income units. Based on the estimated housing inventory of 292 units for the neighborhood's 2022 population, LIHTC funded affordable housing accounts for approximately 57% of the neighborhood's housing stock. This high percentage indicates that LIHTC funded projects play a substantial role in providing affordable housing options in Peralta-Laney.
The LIHTC program has invested significantly in Peralta-Laney, with project tax credits totaling $3,010,020. This equates to an average federal funding of about $18,024 per unit across all LIHTC funded projects in the neighborhood. The neighborhood has experienced LIHTC funded affordable housing development over nearly a decade. The first project, Merritt Crossing, was completed in 2012, while the most recent, Madison Park Apartments, was finished in 2020. This indicates a sustained commitment to affordable housing development in the area.
The 2010s saw the most affordable housing activity in Peralta-Laney, with projects completed at the beginning and end of the decade. These developments have contributed a diverse mix of unit types to the neighborhood's housing stock. The inventory includes 7 efficiencies, 124 one-bedroom units, and 10 two-bedroom units, catering to various household sizes and needs.
Over the past decade, Peralta-Laney has experienced demographic shifts that coincide with the development of LIHTC projects. The neighborhood's population has fluctuated, with a notable increase from 500 residents in 2018 to 763 in 2022. This population growth aligns with the completion of Madison Park Apartments in 2020, suggesting that the new affordable housing may have attracted new residents to the area.
Median income in the neighborhood has shown volatility, peaking at $98,560 in 2018 before decreasing to $58,875 in 2022. This recent decline in median income could indicate an increased need for affordable housing options, which the LIHTC projects help address.
Racial demographics have also shifted over the decade. The Asian population has remained the largest group, though decreasing from 49% in 2019 to 38% in 2022. The Black population has increased from 5% to 15% in the same period, while the White population has grown slightly from 22% to 30%. The Hispanic population has remained relatively stable. These changes in racial composition suggest that the LIHTC projects may be contributing to maintaining or increasing diversity in the neighborhood.
The Peralta-Laney neighborhood demonstrates a substantial commitment to affordable housing through its LIHTC funded projects. With these developments covering over half of the estimated housing stock, they play a crucial role in the neighborhood's housing landscape. The sustained development of affordable housing over the past decade, coupled with demographic shifts, indicates an ongoing effort to meet the changing needs of the community. The diverse mix of unit types in these projects suggests an attempt to accommodate various household sizes and compositions. As the neighborhood continues to evolve, the presence of LIHTC funded affordable housing appears to be a significant factor in shaping its residential character and demographic makeup.
