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Affordable Housing in Portola Springs: LIHTC Projects Amidst Rapid Growth
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Portola Springs, a neighborhood in Irvine, California, has incorporated Low-Income Housing Tax Credit (LIHTC) funded affordable housing into its development. The neighborhood's LIHTC inventory comprises 477 total units, with 472 designated as low-income units. Based on the 2022 population of 16,177 and using the national average household size, the estimated housing inventory is approximately 6,198 units. LIHTC funded affordable housing represents about 7.7% of the neighborhood's estimated housing stock.
The LIHTC program has made a significant investment in Portola Springs, with project tax credits totaling $3,822,826. This equates to an average federal funding of approximately $8,014 per unit in LIHTC-funded projects. Affordable housing development in the neighborhood occurred over a two-year period, with the first project, Pavilion Park Senior Housing, completed in 2015, and the most recent, Anton Portola Apartments, finished in 2017.
The 2010s marked the peak of affordable housing development activity in Portola Springs. The inventory includes a variety of unit types, with 204 one-bedroom and 138 two-bedroom units. This distribution indicates a focus on accommodating smaller households and families.
Portola Springs experienced significant population growth over the past decade, increasing from 1,109 residents in 2010 to 16,177 in 2022. This rapid growth coincided with the development of LIHTC projects in the mid-2010s, suggesting a response to the increasing housing demand in the area.
The median income in Portola Springs increased substantially, rising from $118,223 in 2013 to $154,665 in 2022. Despite this growth in overall wealth, the presence of LIHTC projects indicates a recognition of the need for affordable housing options within the community.
Racial demographics in Portola Springs shifted over the years. The Asian population grew from 38% in 2013 to 51% in 2022, while the White population decreased from 48% to 29% during the same period. The Hispanic population remained relatively stable, fluctuating between 6% and 10%. These changes in racial composition coincided with the period of LIHTC project development, potentially reflecting a diverse demand for affordable housing options.
Portola Springs has seen significant investment in affordable housing through the LIHTC program, with projects completed in 2015 and 2017. The neighborhood's rapid population growth and changing demographics have likely influenced the need for diverse housing options. While the LIHTC funded units represent a modest portion of the estimated housing stock, they play a crucial role in providing affordable options in an area with rising median incomes. The mix of unit types suggests an effort to accommodate various household sizes within the affordable housing inventory.
