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Affordable Housing in Valley Glen: LIHTC Impact on Neighborhood Dynamics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Valley Glen, a Los Angeles neighborhood, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 404 total units in LIHTC funded projects, with 201 designated as low-income units. Based on the 2022 population of 54,954 and an estimated 21,055 housing units, LIHTC funded affordable housing comprises approximately 1.92% of the neighborhood's housing inventory.
The LIHTC program has invested substantially in Valley Glen, with project tax credits totaling $4,061,958. This equates to an average federal funding of about $10,055 per unit in LIHTC funded projects. The neighborhood has experienced consistent development of affordable housing from 1997 to 2005. The earliest project, Oxnard Villa, was completed in 1997, while the most recent, Colonia Corona Apts, was finished in 2005, indicating at least eight years of affordable housing development in the area.
The early 2000s witnessed the most activity in affordable housing construction, with four out of six projects completed between 2001 and 2002. Notable projects from this period include Park Plaza Senior Apts, Victory Gardens, Angels City Lights, and Piedmont Apts. The LIHTC funded housing in Valley Glen offers diverse unit types, with a predominance of one-bedroom units (222), followed by two-bedroom (73), four-bedroom (44), and three-bedroom (35) units. This distribution suggests accommodation for various household sizes and needs.
One project of particular interest is Victory Gardens, completed in 2001, which targets the special needs population. This project likely offers specialized amenities and services to support residents with specific requirements, contributing to a more inclusive community.
Over the past decade, Valley Glen has experienced some demographic shifts. The population has remained relatively stable, with minor fluctuations, from 54,969 in 2015 to 54,954 in 2022. However, the median income has shown a notable increase, rising from $50,219 in 2015 to $59,139 in 2022, indicating improved economic conditions for residents.
Racial demographics have remained fairly consistent, with slight changes. The Hispanic population has increased from 40% in 2015 to 42% in 2022, while the White population has decreased from 47% to 45% in the same period. The Asian and Black populations have remained stable at around 5% and 4% respectively.
No new LIHTC projects have been reported in the last decade. This could be attributed to the rising median income and relatively stable demographics, possibly indicating a reduced perceived need for additional low-income housing in recent years.
Valley Glen's LIHTC funded affordable housing inventory, while modest compared to the overall housing stock, represents a significant investment in the community. The neighborhood has benefited from diverse housing options, including specialized projects for seniors and those with special needs. The concentration of development in the early 2000s suggests a period of focused affordable housing growth. While recent years have not seen new LIHTC projects, the existing inventory continues to play a crucial role in providing affordable housing options in an area that has experienced rising median incomes over the past decade.
