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Affordable Housing in Zip Code 92503: LIHTC Projects and Demographic Trends
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 92503 in Riverside, California, contains a total of 239 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, with 189 designated as low-income units. This inventory represents approximately 0.68% of the estimated 34,961 total housing units in the zip code.
The LIHTC projects in zip code 92503 have received $4,390,811 in federal tax credits, averaging $18,372 per unit. This funding accounts for 0.14% of California's total LIHTC allocations. Affordable housing development in this area spans over two decades, with the first LIHTC project completed in 1996 and the most recent in 2016.
The LIHTC-funded projects in zip code 92503 offer a range of unit types, including 44 efficiencies, 15 one-bedroom, 42 two-bedroom, 114 three-bedroom, and 12 four-bedroom units. Two projects target specific populations: Geel Place for special needs residents and Cedar Glen Apartments for individuals with mental illness.
Zip code 92503 experienced population fluctuations over the past decade, peaking at 96,786 residents in 2019 and declining to 91,247 in 2022. The median income in the area has shown an upward trend, increasing from $66,759 in 2013 to $80,928 in 2022.
The racial composition of zip code 92503 has remained relatively stable. The Hispanic population increased slightly from 58% in 2013 to 61% in 2022. The Asian population also saw a small increase from 5% to 7% during this period.
In summary, zip code 92503 in Riverside, California, has a modest LIHTC-funded affordable housing inventory, comprising 0.68% of the estimated total housing stock. The area has received consistent investment in affordable housing over two decades, with projects addressing various housing needs. The LIHTC-funded units contribute to affordable housing provision in this demographically diverse and growing zip code.
