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Affordable Housing in Woodcreek Oaks: LIHTC's Impact on Neighborhood Composition
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Woodcreek Oaks, a neighborhood in Roseville, California, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 328 total units, with 325 of these designated as low-income units. This affordable housing presence is notable, considering the neighborhood's estimated housing inventory. Based on the 2022 population of 6,995 and using the national average household size of 2.61, there are approximately 2,680 housing units in Woodcreek Oaks. The LIHTC funded affordable housing units account for about 12.2% of this estimated housing inventory, indicating a substantial contribution to the neighborhood's affordable housing needs.
The LIHTC program has invested considerably in Woodcreek Oaks, with project tax credits totaling $1,431,721. This translates to an average federal funding of about $4,365 per unit in LIHTC funded projects. The neighborhood's affordable housing inventory primarily comprises two- and three-bedroom units, with 184 two-bedroom, 12 three-bedroom, and 24 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes within the affordable housing stock.
The Heritage Park Apartments, completed in 2008, is a notable LIHTC funded project in Woodcreek Oaks. This project marks the beginning of LIHTC's presence in the neighborhood, indicating at least 15 years of affordable housing availability through this program.
Over the past decade, Woodcreek Oaks has experienced some demographic shifts that may correlate with its affordable housing landscape. The neighborhood's population has remained relatively stable, fluctuating between about 6,800 and 7,700 residents. Median income has shown a general upward trend, rising from $91,728 in 2013 to $129,408 in 2022, which might indicate a growing need for affordable housing options to maintain economic diversity.
Racial demographics have also evolved, with the white population decreasing from 68% in 2013 to 64% in 2022, while Asian and Hispanic populations have shown slight increases. This gradual diversification could reflect the impact of affordable housing in promoting a more inclusive community.
Woodcreek Oaks demonstrates a commitment to affordable housing through its LIHTC funded inventory. The 328 units, primarily consisting of two-bedroom apartments, represent a significant portion of the neighborhood's estimated housing stock. The substantial federal investment and the long-standing presence of LIHTC projects since 2008 underscore the neighborhood's ongoing effort to provide affordable housing options. While demographic trends show increasing median incomes and gradual diversification, the maintenance of LIHTC funded housing remains crucial for ensuring housing accessibility across different income levels in this evolving neighborhood.
