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Affordable Housing in Santa Clara's 95050 Zip Code: LIHTC Funded Units and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Santa Clara's 95050 zip code, located in California, has a population of 43,170 as of 2022. This area contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The inventory consists of 134 total units, with 131 designated as low-income units. These LIHTC funded units represent approximately 0.81% of the zip code's estimated housing stock of 16,540 units.
The LIHTC projects in zip code 95050 have received $1,273,241 in project tax credits, averaging $9,502 per unit. This funding accounts for 0.04% of California's total LIHTC allocation, indicating a modest investment in affordable housing for this area. The presence of affordable housing in this zip code spans over a decade, with the first LIHTC project, Homesafe Santa Clara, completed in 2001, and the most recent, Presidio El Camino Apts, finished in 2012. The majority of affordable housing development occurred in the 2000s, with three out of four projects completed during this period.
The LIHTC funded housing in zip code 95050 offers a variety of unit types, including 26 efficiencies, 34 one-bedroom units, and 3 two-bedroom units. This distribution suggests a focus on accommodating smaller households and individuals. Some LIHTC projects in this zip code cater to specific populations. Homesafe Santa Clara, completed in 2001, targets individuals with special needs. The Presidio El Camino Apts, finished in 2012, focuses on at-risk populations, addressing critical housing needs for vulnerable groups.
Over the past decade, zip code 95050 has experienced steady population growth, increasing from 39,664 in 2013 to 43,170 in 2022. Concurrently, the median income has risen substantially, from $82,859 in 2013 to $113,982 in 2022, indicating overall economic improvement. The racial composition of the zip code has also shifted. The Asian population increased from 21% in 2013 to 33% in 2022, while the Hispanic population decreased from 29% to 19%. The white population saw a slight decrease from 42% to 39%. These demographic changes may influence future affordable housing needs and development strategies.
Zip code 95050 in Santa Clara has a modest but significant LIHTC funded affordable housing inventory, covering about 0.81% of the estimated housing stock. The area has seen consistent investment in affordable housing over the past two decades, with projects targeting diverse needs, including special needs and at-risk populations. While the population has grown and median income has increased, demographic shifts, particularly in racial composition, may impact future affordable housing requirements. The LIHTC program has played a crucial role in providing affordable housing options in this evolving community.
