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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Pico-Robertson, a neighborhood in Los Angeles, California, is characterized by its diverse community and Jewish cultural presence. The neighborhood's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 90 total units, with 89 designated as low-income units. This affordable housing stock constitutes approximately 0.85% of the estimated 10,544 housing units in the neighborhood, based on the 2022 population and national average household size.
The LIHTC program has invested $789,416 in tax credits for affordable housing projects in Pico-Robertson. This investment results in an average federal funding of $8,771 per unit across all LIHTC-funded projects in the neighborhood. Affordable housing has been present in Pico-Robertson since 1988, with the completion of Clark Terrace. The most recent project, Beverly Park Senior Apartments, was completed in 2016, indicating a 28-year span of LIHTC-funded affordable housing development in the area.
The LIHTC-funded affordable housing in Pico-Robertson consists primarily of one-bedroom units (78) and efficiencies (12). This unit mix suggests a focus on housing for individuals or small households.
Over the past decade, Pico-Robertson has experienced demographic shifts. The population has decreased from 30,192 in 2015 to 27,519 in 2022. Despite this population decline, the median income has increased from $84,824 in 2015 to $96,495 in 2022, indicating a trend towards higher-income households in the area.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 68% in 2015 to 67% in 2022, and small increases in Hispanic and Asian populations. This stability in racial composition suggests that the affordable housing projects have not significantly altered the neighborhood's demographic makeup.
The completion of Beverly Park Senior Apartments in 2016 coincides with a period of rising median incomes in the neighborhood. This project may have been a response to the need for affordable housing options for seniors in an increasingly expensive area.
Pico-Robertson's LIHTC-funded affordable housing represents a small but significant portion of the neighborhood's housing stock. The two projects, completed nearly three decades apart, demonstrate a long-term commitment to providing affordable housing options in the area. The focus on one-bedroom and efficiency units aligns with the needs of smaller households and potentially seniors. While the neighborhood has experienced rising incomes and a slight population decrease over the past decade, the addition of affordable housing in 2016 suggests an ongoing effort to maintain economic diversity in the face of these changes. The relatively low percentage of affordable housing units compared to the total estimated housing stock indicates there may be opportunities for further affordable housing development to meet the needs of low-income residents in this evolving neighborhood.