Loading Content...
Affordable Housing in Zip Code 91723: Analysis of LIHTC-Funded Project in Covina, California
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 91723 in Covina, California, contains 121 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 1.97% of the zip code's estimated 6,133 housing units, based on the 2022 population of 16,008.
The LIHTC program has invested $481,200 in tax credits for affordable housing projects in this zip code, averaging $3,977 per unit. This investment accounts for 0.02% of the total LIHTC funding allocated to California. The affordable housing in this zip code is represented by a single project, Lark Ellen Village, completed in 1998. This 121-unit development offers a mix of one-bedroom (68), two-bedroom (25), three-bedroom (23), and four-bedroom (5) units.
Over the past decade, zip code 91723 has experienced demographic changes. The population decreased from 17,300 in 2013 to 16,008 in 2022. Despite this decline, the median income increased from $68,766 in 2013 to $73,679 in 2022, suggesting improved economic conditions for residents.
The racial composition of the area has also changed. The Hispanic population grew from 57% in 2013 to 64% in 2022, while the White population decreased from 27% to 19%. Asian and Black populations remained relatively stable with minor fluctuations. These demographic shifts, particularly the increase in median income, may partially explain the absence of new LIHTC projects in the area over the past decade. However, other factors and housing programs may also influence affordable housing availability in the zip code.
In summary, zip code 91723 in Covina, California, features one LIHTC-funded affordable housing project, Lark Ellen Village, which has served the community since 1998. The 121 low-income units, while a small percentage of the estimated housing inventory, provide important affordable housing options for the area. The zip code has undergone demographic changes over the past decade, including a slight population decrease, increased median income, and shifts in racial composition. These factors, along with potential contributions from other housing programs, shape the affordable housing landscape in this community.
