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Affordable Housing in Zip Code 94112: Analysis of LIHTC Project Impact
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 94112 in San Francisco, California, has a population of 79,983 as of 2022. This area contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides 71 units, including 7 low-income units. The estimated housing inventory of 30,645 units indicates that LIHTC-funded affordable housing comprises approximately 0.23% of the zip code's housing stock.
The LIHTC project in zip code 94112 received $1,225,562 in tax credits, averaging $17,261 per unit. This funding represents 0.04% of California's total LIHTC allocations. The project, named 1100 Ocean Avenue Apartments, was completed in 2015. It offers a variety of unit types: 18 efficiencies, 18 one-bedroom units, 21 two-bedroom units, and 14 three-bedroom units.
Demographic trends in zip code 94112 show some changes over the past decade. The population decreased slightly from 82,465 in 2013 to 79,983 in 2022. Median income increased from $87,692 in 2013 to $105,792 in 2022. Racial demographics remained relatively stable, with a slight increase in the Asian population from 47% in 2013 to 52% in 2022, and a decrease in the Hispanic population from 31% to 27% during the same period.
The completion of the LIHTC project in 2015 coincided with a period of population growth and increasing median income in zip code 94112. This suggests that the affordable housing development may have been a response to growing housing needs in an area experiencing economic improvement.
Zip code 94112 in San Francisco has a single LIHTC-funded affordable housing project, contributing 71 units to the area's housing stock. This represents a small percentage of the estimated total housing units but provides affordable options in an area with rising median incomes. The project's diverse unit mix caters to various household sizes, reflecting an attempt to meet different affordable housing needs within the community. The stable racial demographics and increasing median income over the past decade suggest a changing economic landscape that may influence future affordable housing demands in this zip code.
