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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 92570, located in Mead Valley, California, contains a notable LIHTC-funded affordable housing inventory. This area has 268 total units in LIHTC-funded projects, with 264 designated as low-income units. These affordable housing options represent approximately 1.17% of the estimated 22,883 total housing units in the zip code.
The LIHTC projects in zip code 92570 have received $3,851,131 in project tax credits, averaging about $14,370 per unit. This allocation constitutes 0.13% of the total LIHTC funding provided to California, indicating a modest yet significant investment in affordable housing for this specific area.
Affordable housing has been a component of this zip code's housing landscape for nearly three decades. The initial LIHTC project, Perris I, was completed in 1987, while the most recent addition, Verano Apartments, was finished in 2015. The decade of the 2010s experienced the most activity in affordable housing development, with three projects completed: Mercado Apts (2012), Perris Station (2013), and Verano Apartments (2015).
The LIHTC-funded housing in zip code 92570 offers a range of unit sizes. There are 66 one-bedroom units, 119 two-bedroom units, 63 three-bedroom units, and 16 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Over the past decade, zip code 92570 has experienced notable demographic changes. The population has increased from 54,161 in 2013 to 59,725 in 2022, indicating steady growth. Median income has also risen significantly, from $53,151 in 2013 to $66,732 in 2022, suggesting an overall improvement in economic conditions.
Racial demographics have shown changes as well. The Hispanic population has increased from 68% in 2013 to 77% in 2022, while the White population has decreased from 21% to 15% during the same period. The Black population has slightly decreased from 5% to 3%, and the Asian population has remained relatively stable at 2-3%.
The completion of three LIHTC projects between 2012 and 2015 aligns with the period of population growth and increasing median income. This suggests that the affordable housing development was responding to the growing needs of the community during a time of economic and demographic change.
Zip code 92570 in Mead Valley, California, has a modest but significant LIHTC-funded affordable housing inventory, covering about 1.17% of the estimated total housing units. The area has seen consistent investment in affordable housing over nearly three decades, with the most recent projects completed in the 2010s. The diverse range of unit sizes in these projects caters to various household needs within the low-income population. The development of affordable housing has coincided with population growth, rising median incomes, and shifts in racial demographics, particularly an increase in the Hispanic population.