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Affordable Housing in Zip Code 93950: Pacific Grove's LIHTC-Funded Project
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 93950, located in Pacific Grove, California, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This area has 49 affordable housing units, with 48 classified as low-income units. Of the estimated 5,743 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 0.85% of the housing inventory.
The LIHTC program has invested $420,701 in tax credits for affordable housing in zip code 93950. This equates to an average federal funding of $8,585 per unit. This investment represents 0.01% of California's total LIHTC funding, indicating a relatively small allocation for this area.
The Pacific Grove Senior Apts, completed in 2006, is the only LIHTC-funded project in zip code 93950. This development has provided affordable housing options for over 15 years. The project consists of 49 units, including 8 efficiencies, 34 one-bedroom units, and 7 two-bedroom units. This unit distribution indicates a focus on accommodating smaller households, particularly seniors or individuals living alone.
The population of zip code 93950 has remained relatively stable over the past decade, with a slight decrease from 15,439 in 2015 to 14,989 in 2022. During this period, the median income has shown an overall upward trend, increasing from $85,348 in 2015 to $93,179 in 2022, with some fluctuations in between.
The racial composition of zip code 93950 has remained predominantly white, though there has been a slight decrease from 78% in 2015 to 74% in 2022. The Asian population has seen a modest increase from 5% to 9% during this period. The Hispanic population has remained relatively constant at around 11-12%. These demographic changes, while not dramatic, may influence the ongoing need for affordable housing in the area.
Zip code 93950 in Pacific Grove, California, has a single LIHTC-funded affordable housing project that provides 49 units, primarily catering to smaller households. While this project represents a small portion of the overall housing inventory, it has been a consistent presence in the community since 2006. The area has experienced modest changes in demographics and income levels over the past decade, which may impact future affordable housing needs. Continued monitoring of these trends will be crucial in assessing and addressing the area's affordable housing requirements moving forward.
