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Affordable Housing in Zip Code 90232: Analysis of Tilden Terrace LIHTC Project
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 90232, situated in Culver City, California, has a population of 17,734 as of 2022 and encompasses an area of 2.33 square miles. The Low-Income Housing Tax Credit (LIHTC) program has funded affordable housing in this zip code, with a total of 33 units in LIHTC-funded projects, including 2 designated low-income units. Based on the estimated housing inventory of 6,795 units, the LIHTC-funded affordable housing comprises approximately 0.49% of the zip code's housing stock.
The LIHTC program has allocated $700,020 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $21,213 per unit in LIHTC-funded projects. The zip code accounts for 0.02% of the total state LIHTC funding, indicating a relatively small portion of California's affordable housing investment.
Tilden Terrace, completed in 2013, is the sole LIHTC-funded project in this zip code. This project marks the inception of LIHTC-funded affordable housing in the area, with a history spanning about a decade. The Tilden Terrace project consists of 33 total units, including 2 one-bedroom units, 19 two-bedroom units, and 12 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Over the past decade, zip code 90232 has experienced some demographic changes. The population has remained relatively stable, with a slight decrease from 17,951 in 2013 to 17,734 in 2022. The median income has shown significant growth, rising from $94,774 in 2013 to $104,295 in 2022, with a peak of $120,202 in 2021.
Racial distribution trends show an increase in the Asian population from 13% in 2013 to 21% in 2022, while the Hispanic population decreased from 28% to 20% during the same period. The White population has remained relatively stable at around 48-49%.
The limited number of LIHTC projects in the last decade may be attributed to the area's high median income and relatively stable population, potentially indicating a lower demand for additional affordable housing units.
Zip code 90232 has a small LIHTC-funded affordable housing presence, with one project providing 33 units, including 2 low-income units. This represents a small fraction of the estimated housing inventory. The area has experienced income growth and demographic shifts over the past decade, with a stable overall population. The limited LIHTC development in recent years may reflect the area's economic characteristics and housing market dynamics.
