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Affordable Housing in Sacramento's Richards Neighborhood: LIHTC's Significant Impact
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 Richards neighborhood in Sacramento, California, has a substantial presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. As of 2022, the neighborhood's population was 1,172 residents. The LIHTC program has funded two projects in Richards, providing 328 units, of which 193 are designated as low-income units. Based on the estimated housing inventory of 449 units, LIHTC-funded affordable housing comprises approximately 73% of the neighborhood's housing stock, indicating a significant contribution to affordable housing needs.
The LIHTC program has invested $3,971,419 in tax credits for affordable housing projects in Richards. This equates to an average federal funding of approximately $12,108 per unit. The first LIHTC project, 7Th & H Apts, was completed in 2012, followed by Cannery Place Apartments in 2014. This indicates that affordable housing through LIHTC has been present in the neighborhood for about a decade.
The 2010s saw the most affordable housing development in Richards, with both LIHTC projects completed during this period. The inventory includes a diverse range of unit types, with 122 efficiencies, 37 one-bedroom units, and 9 two-bedroom units. There are no three or four-bedroom units in these projects, suggesting a focus on smaller household sizes or individual residents.
Over the past decade, Richards has experienced fluctuations in population, with a general upward trend from 772 residents in 2013 to 1,172 in 2022. The median income has remained relatively stable, around $14,000-$15,000 annually. This consistently low median income underscores the ongoing need for affordable housing in the neighborhood.
Racial demographics have shifted since 2013. The Black population increased from 30% to 41% between 2013 and 2021, before decreasing to 30% in 2022. The Hispanic population declined from 34% in 2013 to 18% in 2022. The White population has fluctuated, rising from 25% in 2013 to 38% in 2022. These changes in racial composition coincide with the introduction of LIHTC-funded housing, potentially reflecting broader demographic shifts in the neighborhood.
The Richards neighborhood in Sacramento has a significant presence of LIHTC-funded affordable housing, covering a large portion of its estimated housing stock. The two projects, completed in 2012 and 2014, have provided 328 units, with a focus on efficiency and one-bedroom apartments. The neighborhood's consistently low median income and changing racial demographics over the past decade underscore the importance of affordable housing initiatives in this area. The LIHTC program has played a crucial role in addressing housing needs in Richards, contributing substantially to its affordable housing inventory.
