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Affordable Housing in Venice: LIHTC Impact on a Dynamic Los Angeles 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
Venice, a neighborhood in Los Angeles, California, contains 622 total housing units funded by the Low-Income Housing Tax Credit (LIHTC) program, with 155 units designated as low-income. This represents approximately 4.2% of the estimated 14,828 housing units in the neighborhood. The LIHTC program has invested $935,489 in tax credits for affordable housing projects in Venice, averaging about $1,504 per unit across all LIHTC-funded projects.
Affordable housing development in Venice through the LIHTC program spans from 1993 to 1996. The Marina Pointe Apartments, completed in 1993, mark the earliest LIHTC project, while Tabor Courts, finished in 1996, represents the most recent development. This three-year period in the 1990s saw the most significant LIHTC-funded affordable housing activity in the neighborhood.
The LIHTC-funded housing inventory in Venice includes a range of unit types: 3 one-bedroom units, 12 two-bedroom units, 8 three-bedroom units, and 2 four-bedroom units. This distribution accommodates various household sizes. The Navy Blue Apts project, completed in 1994, specifically targets the special needs population, likely offering tailored amenities and services for residents with particular requirements.
Venice has experienced demographic changes over the past decade. The population decreased slightly from 41,341 in 2018 to 38,700 in 2022. Median income fluctuated, peaking at $134,942 in 2021 before decreasing to $117,709 in 2022. The racial distribution shows minor shifts, with the white population decreasing from 69% in 2013 to 66% in 2022, and the Asian population increasing from 5% to 7% during the same period. Hispanic and Black populations remained relatively stable at approximately 15% and 6% respectively.
No new LIHTC projects have been developed in Venice since 1996, despite these demographic changes. This may be attributed to factors such as limited available land, high property values, or the presence of other affordable housing programs not captured in this data.
Venice's LIHTC-funded affordable housing inventory, while modest, provides important housing options for low-income residents. The existing projects offer various unit sizes to accommodate diverse household needs. Despite recent demographic changes, including fluctuations in median income and slight shifts in racial composition, the existing LIHTC inventory continues to play a role in providing affordable housing options in this dynamic Los Angeles neighborhood.
