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Affordable Housing in Zip Code 92069: Analysis of LIHTC-Funded Projects in San Marcos, California
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 92069, located in San Marcos, California, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. As of 2022, this area has 990 total units in LIHTC-funded projects, with 717 of these designated as low-income units. The LIHTC-funded affordable housing comprises approximately 5.5% of the zip code's estimated housing stock of 17,990 units.
The LIHTC projects in zip code 92069 have received $8,818,718 in tax credits, averaging about $8,907 per unit in federal funding. This represents 0.29% of California's total LIHTC funding, indicating a notable investment in affordable housing for this area. Affordable housing has been present in this zip code for over two decades, with the first LIHTC project, Mariposa Apts, completed in 1998, and the most recent, Paseo Del Oro Apartments, finished in 2018.
The 2010s saw the most affordable housing development, with six projects completed during this decade, including Autumn Terrace, Westlake Village Apts Phase 1 and 2, Parkview Apts, Ventaliso II, and Paseo Del Oro Apartments. The LIHTC-funded projects in this zip code offer a diverse range of unit sizes, with 132 one-bedroom, 383 two-bedroom, 377 three-bedroom, and 22 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes.
One notable project, Parkview Apts, completed in 2014, specifically targets individuals with mental illness, addressing a critical need in the community.
Over the past decade, zip code 92069 has experienced fluctuations in population, peaking at 51,111 in 2018 before declining to 46,955 in 2022. Despite these changes, the median income has shown a general upward trend, rising from $69,378 in 2015 to $85,026 in 2022. The racial composition of the area has remained relatively stable, with a slight increase in the Hispanic population from 46% to 49% between 2013 and 2022. The Asian population has also seen a small increase from 8% to 11% during this period.
The consistent development of LIHTC projects throughout this time suggests an ongoing need for affordable housing, even as median incomes have increased. This could be due to rising housing costs in the area or a growing disparity between income levels within the community.
The zip code 92069 has a substantial LIHTC-funded affordable housing inventory, developed over more than two decades. While these units represent about 5.5% of the estimated housing stock, they play a crucial role in providing affordable options for the community. The diverse unit sizes and targeted projects like Parkview Apts demonstrate efforts to meet varied housing needs. Despite rising median incomes, the continued development of LIHTC projects through 2018 indicates an ongoing demand for affordable housing in this area.
