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Affordable Housing in Zip Code 92203: LIHTC Funding and Demographic Shifts in Indio, 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
Zip code 92203 in Indio, California, contains 89 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 0.69% of the zip code's estimated 12,836 housing units, based on the 2022 population of 33,501.
The LIHTC program has invested $655,598 in project tax credits for affordable housing in zip code 92203. This equates to an average federal funding of $7,366 per unit. Notably, this zip code accounts for 2% of the total LIHTC funding allocated to California.
The affordable housing in zip code 92203 consists of a single project, Bermuda Park Apartments, completed in 2000. This development has provided affordable housing options in the area for over two decades. Bermuda Park Apartments comprises 89 units, including 4 two-bedroom units, 36 three-bedroom units, and 14 four-bedroom units, accommodating various family sizes and needs.
Zip code 92203 has experienced significant population growth, increasing from 26,802 in 2013 to 33,501 in 2022, representing a 25% increase. During this period, the median income has risen from $79,579 in 2013 to $83,557 in 2022, indicating a slight improvement in overall economic conditions.
The racial composition of the area has changed noticeably. The Hispanic population has grown from 41% in 2013 to 52% in 2022, becoming the majority. The white population has decreased from 51% to 41% during the same period. The Asian and Black populations have remained relatively stable at approximately 2% and 1% respectively.
Despite the population growth and demographic shifts, no new LIHTC projects have been developed in zip code 92203 in the last decade. This could be attributed to various factors, including land availability, local housing policies, or changes in funding priorities.
Zip code 92203 in Indio, California, has a modest LIHTC-funded affordable housing presence, with 89 units in one project completed in 2000. While this represents less than 1% of the estimated housing inventory, it has provided stable affordable housing options for over two decades. The area has experienced significant population growth and demographic shifts, particularly an increase in the Hispanic population. The existing affordable housing continues to play a crucial role in the community, supported by $655,598 in LIHTC funding, which accounts for 2% of California's total LIHTC allocation.
