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Affordable Housing in Zip Code 94538: Two Decades of LIHTC Development in Fremont, 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 94538 in Fremont, California, exhibits a substantial presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. This area contains 869 units in LIHTC-funded projects, including 467 designated low-income units. These figures indicate a commitment to providing affordable housing options. The LIHTC-funded affordable housing represents approximately 3.18% of the total housing inventory, based on an estimated 27,285 housing units in the zip code.
The LIHTC projects in zip code 94538 have received $7,681,849 in tax credits, averaging about $8,839 per unit in federal funding. This zip code accounts for 0.25% of the total LIHTC funding allocated to the state of California, signifying a notable investment in affordable housing for this area.
Affordable housing has been present in this community for over two decades. The earliest LIHTC projects, Park Vista Apartments and Sundale Arms, were completed in 1998. The most recent addition, Warm Springs Inclusionary, was completed in 2020, demonstrating a long-term commitment to affordable housing development. The 2010s experienced the most significant affordable housing growth, with five projects completed during this decade.
The LIHTC-funded projects in zip code 94538 offer a range of unit types, including 24 efficiencies, 150 one-bedroom units, 255 two-bedroom units, and 96 three-bedroom units. This variety accommodates different household sizes and needs within the community.
Several projects in the area serve specific populations. Bridgeway East, Main Street Apartments, and Redwood Lodge are targeted towards individuals with special needs, indicating a focus on providing housing for vulnerable populations.
Over the past decade, zip code 94538 has experienced steady population growth, increasing from 60,753 in 2010 to 71,214 in 2022. The median income has risen significantly, from $99,125 in 2013 to $126,978 in 2022. This economic growth may have influenced the need for affordable housing options to maintain community diversity.
The racial composition of zip code 94538 has shifted. The Asian population increased from 44% in 2013 to 56% in 2022, while the white population decreased from 25% to 17% during the same period. The Hispanic population remained relatively stable at around 18%. These demographic changes may have impacted the demand for diverse housing options, including affordable units.
Zip code 94538 in Fremont, California, has a notable presence of LIHTC-funded affordable housing, with 869 total units representing about 3.18% of the estimated housing inventory. The area has seen consistent development of affordable housing projects over the past two decades, with a focus on serving diverse populations, including those with special needs. The zip code has experienced significant economic growth and demographic shifts, and the continued investment in affordable housing through the LIHTC program suggests an ongoing commitment to maintaining housing accessibility for lower-income residents.
