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Affordable Housing in Redwood City: LIHTC Program's Impact on Silicon Valley's Housing Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Redwood City, situated in Silicon Valley, is home to major technology companies and offers a mix of urban amenities and natural beauty. The Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory in Redwood City consists of 284 total units, with 225 designated as low-income units.
The LIHTC funded affordable housing covers approximately 0.92% of the city's housing stock, based on the estimated housing inventory of 30,854 units. This percentage indicates that LIHTC funded projects contribute to a portion of the city's affordable housing needs.
Redwood City has received $8,827,802 in project tax credits through the LIHTC program. With approximately 5 projects funded, this translates to an average of $1,765,560 in federal funding per project. The average federal funding per unit is about $31,084. Redwood City holds 0.29% of the total state LIHTC funding, indicating its relative share of affordable housing resources within California.
The LIHTC funded affordable housing in Redwood City spans nearly two decades, with the first project, Redwood Oaks Apartments, completed in 2002, and the most recent, Mosaic Garden, finished in 2019. The 2000s saw the most activity in affordable housing development, with three projects completed during this decade.
The LIHTC funded housing inventory in Redwood City offers a diverse range of unit types. Out of the 284 total units, there are 63 efficiencies, 115 one-bedroom units, 53 two-bedroom units, 46 three-bedroom units, and 7 four-bedroom units. This distribution caters to various household sizes and needs within the low-income community.
Analyzing demographic trends over the past decade reveals correlations with LIHTC developments. The city's population grew steadily from 2010 to 2017, peaking at 86,683, before gradually declining to 80,529 in 2022. Despite this recent population decrease, median income has risen significantly, from $86,358 in 2013 to $137,512 in 2022. This substantial income growth may have influenced the demand for affordable housing in the city.
Racial demographics have shown shifts over the past decade. The Asian population has increased from 14% in 2013 to 18% in 2022, while the Hispanic population has remained relatively stable, fluctuating between 30-41%. The white population has seen a slight decrease from 47% in 2013 to 38% in 2022. These changes in racial composition may reflect evolving housing needs and preferences within the community.
In summary, Redwood City's LIHTC funded affordable housing inventory represents a small but significant portion of its housing stock. The city has consistently invested in affordable housing over the past two decades, with projects ranging from 2002 to 2019. The rising median income and changing demographics suggest a complex and evolving housing landscape in this Silicon Valley city.
