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Affordable Housing in Zip Code 78504: A Longstanding LIHTC Presence in McAllen, Texas
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 78504 in McAllen, Texas, contains 5 Low-Income Housing Tax Credit (LIHTC) projects, providing 350 affordable housing units, with 207 designated as low-income. Based on the 2022 population of 60,290 and an estimated 23,100 housing units, LIHTC-funded affordable housing comprises approximately 1.5% of the zip code's housing inventory.
The LIHTC program has supported affordable housing in zip code 78504 since at least 1988, with the completion of the project at 4608 N D St. Another project, completed in 1990, is located at 400 E Ulex Ave. This indicates a commitment to affordable housing spanning over three decades. The 1980s and 1990s were the most active period for LIHTC project completions in this zip code.
The population in zip code 78504 has grown from 50,324 in 2013 to 60,290 in 2022, an increase of nearly 20%. The median income decreased slightly from $76,107 in 2013 to $73,163 in 2022. The racial composition remained relatively stable, with the Hispanic population increasing from 77% in 2013 to 84% in 2022. The white population decreased from 16% to 9%, while the Asian population increased from 3% to 5%.
Despite population growth, there has not been significant new LIHTC project development in the last decade. This could be due to changes in local housing policies, funding priorities, or the possibility that other affordable housing programs are meeting the community's needs.
Zip code 78504 has an established foundation of LIHTC-funded affordable housing, with projects dating back to the late 1980s. The 350 affordable units represent a small percentage of the estimated housing stock but play a crucial role in providing low-income housing options. The area has experienced significant population growth and demographic shifts over the past decade, with a stable Hispanic majority and increasing diversity. Despite these changes, there has not been notable recent LIHTC development, suggesting that current affordable housing needs might be met through other means or that there could be opportunities for future affordable housing initiatives to address the growing population's needs.
