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Affordable Housing in Playa Vista: LIHTC Impact on a Growing Tech Hub
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Playa Vista, a neighborhood in Los Angeles, California, is characterized by its modern urban planning and tech industry presence. The neighborhood's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 83 total units, with 82 designated as low-income units. This represents approximately 2.4% of the estimated 3,487 housing units in the neighborhood.
The LIHTC program has invested $1,628,616 in tax credits for affordable housing projects in Playa Vista, averaging about $19,622 per unit in federal funding. The neighborhood's only LIHTC project, Playa Senior Affordable Housing, was completed in 2015, marking the inception of LIHTC-funded affordable housing in the area.
Playa Senior Affordable Housing consists of 59 one-bedroom units and 24 two-bedroom units, primarily accommodating smaller household sizes. This unit mix indicates a focus on housing senior residents or small families.
Since the completion of the LIHTC project in 2015, Playa Vista has experienced substantial population growth, increasing from 5,327 residents in 2015 to 9,102 in 2022, a 70.9% increase over seven years. Simultaneously, the median income has risen from $142,454 in 2015 to $177,627 in 2022, a 24.7% increase.
The racial composition of Playa Vista has also changed during this period. The proportion of white residents increased from 42% in 2015 to 58% in 2022, while the Asian population decreased from 28% to 17%. The Hispanic population remained relatively stable, changing from 13% to 14%.
These demographic trends indicate a rapidly growing neighborhood with rising incomes and changing racial composition. The single LIHTC project, completed in 2015, may have been a response to the anticipated population growth and the need to maintain some affordable housing options in an increasingly affluent area.
Playa Vista's LIHTC funded affordable housing inventory, while modest in scale, provides 82 low-income units in a neighborhood that has seen substantial growth and increasing affluence. The single project, completed in 2015, appears to have been strategically timed with the neighborhood's development trajectory. As Playa Vista continues to grow and evolve, monitoring the balance between market-rate and affordable housing will be crucial for maintaining a diverse and inclusive community.
