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Affordable Housing in Zip Code 94501: LIHTC Projects and Demographic Trends in Alameda, 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 94501 in Alameda, California, contains a notable inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area encompasses 324 total units in LIHTC-funded projects, with 316 designated as low-income units. LIHTC-funded affordable housing constitutes approximately 1.3% of the total housing stock, based on an estimated 24,318 housing units in the zip code.
The LIHTC program has allocated $6,558,232 in tax credits for affordable housing projects in zip code 94501. This equates to an average of $20,241 in federal funding per unit. Zip code 94501 accounts for 0.21% of the total LIHTC funding allocated to California.
Affordable housing has been a consistent presence in this zip code from 2000 to 2020. The initial LIHTC project, Playa Del Alameda Apts, was completed in 2000, while the most recent, Alameda Point Senior, was finished in 2020. The 2010s witnessed the highest level of activity, with four projects completed during this decade.
The LIHTC-funded housing in zip code 94501 offers a diverse range of unit types. The 324 total units comprise 61 efficiencies, 79 one-bedroom units, 118 two-bedroom units, 54 three-bedroom units, and 3 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Certain LIHTC projects in this zip code target specific populations. The Alameda Islander, completed in 2012, focuses on individuals with special needs. Jack Capon Villa, finished in 2014, is designed for people with mental illness. These specialized projects demonstrate a commitment to addressing diverse housing needs within the community.
Over the past decade, zip code 94501 has experienced modest population growth, increasing from 61,743 in 2013 to 63,471 in 2022. During this period, four LIHTC projects were completed, aligning with the growing population's needs.
The median income in zip code 94501 has risen substantially, from $86,242 in 2013 to $105,523 in 2022. Despite this overall increase in wealth, the continued development of affordable housing projects suggests an ongoing need for low-income housing options.
Racial demographics in zip code 94501 have remained relatively stable, with a slight decrease in the Asian population (from 29% to 28%) and a small increase in the Hispanic population (from 13% to 14%) between 2013 and 2022. The white population has remained steady at around 43-44% during this period.
Zip code 94501 in Alameda has a diverse LIHTC-funded affordable housing inventory that has developed over two decades. While these units represent a small percentage of the total housing stock, they provide crucial housing options for low-income residents. The continued development of LIHTC projects, even as median incomes have risen, indicates an ongoing commitment to maintaining affordable housing options in an increasingly expensive area. The presence of specialized housing for populations with specific needs further demonstrates a comprehensive approach to addressing affordable housing challenges in this community.
