Loading Content...
Affordable Housing in Silver Lake: LIHTC Impact on Neighborhood Dynamics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Silver Lake, a neighborhood in Los Angeles, California, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 199 total units in LIHTC funded projects, with 194 designated as low-income units. Based on the 2022 population of 37,412 and an estimated 14,334 housing units, LIHTC funded affordable housing comprises approximately 1.39% of the neighborhood's estimated housing inventory.
The LIHTC program has invested in Silver Lake, with project tax credits totaling $2,197,064. This equates to an average federal funding of $11,040 per unit in LIHTC funded projects. The neighborhood has experienced consistent development of affordable housing over time, with the first LIHTC project, Duane Heights, completed in 1990, and the most recent, Vendome Palms Apts, in 2011. This indicates a 21-year span of affordable housing development in Silver Lake.
The 2000s saw the most affordable housing activity, with four projects completed during this decade. Notable projects include Gateways SRO Housing in 2005, which targets special needs populations, and Clinton Family Apts in 2008. Silver Lake's LIHTC funded affordable housing inventory is diverse, featuring 62 efficiencies, 40 one-bedroom units, 6 two-bedroom units, 53 three-bedroom units, and 15 four-bedroom units. This mix caters to various household sizes and needs within the low-income community.
Two projects specifically target special needs populations: Gateways SRO Housing and Vendome Palms Apts. These developments likely provide tailored services and accommodations for residents with specific requirements, such as those with disabilities or formerly homeless individuals.
Over the past decade, Silver Lake's population has remained relatively stable, fluctuating between 37,000 to 39,000 residents. The median income has shown an upward trend, rising from $75,512 in 2013 to $90,039 in 2022, with a peak of $97,438 in 2021. This increase in median income might suggest a reduced need for additional affordable housing in recent years.
Racial demographics have remained fairly consistent, with a slight increase in the white population (from 42% in 2013 to 47% in 2022) and a decrease in the Hispanic population (from 38% in 2013 to 31% in 2022). The Asian population has held steady at around 14-15%, while the Black population has remained at about 2%.
Silver Lake's LIHTC funded affordable housing inventory, while modest in relation to the overall housing stock, represents a consistent effort to provide low-income housing options. The neighborhood has seen a diverse range of projects over two decades, including specialized housing for special needs populations. The stable population, rising median income, and subtle shifts in racial demographics over the past decade may have influenced the lack of new LIHTC projects since 2011. However, other affordable housing programs may be contributing to the neighborhood's overall affordable housing inventory beyond what LIHTC provides.
