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Affordable Housing in Valencia Park: LIHTC's Impact on a Diverse San Diego Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Valencia Park, a neighborhood in San Diego, California, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 98 total units, with 97 designated as low-income units. Based on the 2022 population of 11,676 and using the national average household size of 2.61, the estimated number of housing units in the neighborhood is approximately 4,474. The LIHTC funded affordable housing represents about 2.19% of the estimated housing inventory in Valencia Park.
The LIHTC projects in Valencia Park have received $1,203,616 in tax credits, averaging $12,282 per unit. This federal funding has been instrumental in developing affordable housing in the area. The neighborhood has seen LIHTC projects from 2005 to 2011, indicating a six-year period of affordable housing development. The first project, Jean C Mckinney Manor, was completed in 2005, while Vista Grande was the most recent, finished in 2011. The 2010s saw the most affordable housing development in Valencia Park.
The LIHTC inventory in Valencia Park includes a variety of unit types. There are no efficiency units, but the projects feature 5 one-bedroom units, 3 two-bedroom units, 1 three-bedroom unit, and 45 four-bedroom units. This distribution indicates a focus on accommodating families, particularly with the high number of four-bedroom units.
Valencia Park has experienced demographic shifts over the past decade. The population has remained relatively stable, with a slight decrease from 11,872 in 2013 to 11,676 in 2022. Median income has shown significant growth, rising from $54,526 in 2013 to $60,739 in 2022, indicating improving economic conditions for residents.
Racial demographics have also changed. The Hispanic population has remained the majority, increasing slightly from 50% in 2013 to 52% in 2022. The Black population has decreased from 27% to 19%, while the Asian population has grown from 13% to 20%. These changes suggest a diversifying neighborhood.
The absence of new LIHTC projects since 2011 may be related to the rising median income and changing demographics, potentially indicating a shift in housing needs or priorities in the area.
Valencia Park's LIHTC funded affordable housing inventory, while modest in relation to the estimated total housing units, provides important low-income housing options. The neighborhood has a mix of unit types, with an emphasis on larger family units. Over the past decade, Valencia Park has experienced income growth and racial demographic shifts, which may have influenced affordable housing development patterns. The existing LIHTC projects continue to play a significant role in maintaining housing affordability in this evolving San Diego neighborhood.
