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Affordable Housing in Zip Code 94547: A Two-Decade Analysis of LIHTC Projects in Hercules, 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 94547 in Hercules, California, has a population of 24,999 as of 2022. This area contains 242 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 215 designated as low-income units. The LIHTC-funded affordable housing comprises approximately 2.53% of the zip code's estimated housing inventory of 9,578 units.
The LIHTC program has invested $1,729,972 in tax credits for affordable housing projects in zip code 94547. This equates to an average federal funding of $7,148 per unit. Zip code 94547 accounts for 0.06% of California's total LIHTC funding allocation.
Affordable housing has been present in this community for over two decades. The initial LIHTC project, Arbors Apts, was completed in 1999, while the most recent, Samara Terrace, was finished in 2006. The 2000s witnessed the most significant development of affordable housing in this area.
The LIHTC-funded housing inventory in zip code 94547 consists of 110 one-bedroom units, 82 two-bedroom units, 26 three-bedroom units, and 24 four-bedroom units. This diverse mix accommodates various household sizes and needs within the community.
The population in zip code 94547 has grown steadily over the past decade, increasing from 23,474 in 2013 to 24,999 in 2022. During this period, the median income rose from $105,478 in 2013 to $116,313 in 2022, indicating growing economic prosperity in the area.
The racial composition of zip code 94547 has remained relatively stable. The Asian population decreased slightly from 44% in 2015 to 41% in 2022, while the Hispanic population increased from 13% to 16% during the same period. The Black and White populations have maintained relatively consistent percentages.
No new LIHTC projects have been built in zip code 94547 in the last decade. This may be attributed to the rising median income and relatively stable population, potentially indicating a reduced need for additional low-income housing during this period.
Zip code 94547 in Hercules, California, has a moderate LIHTC-funded affordable housing presence, covering about 2.53% of the estimated housing stock. The area has experienced consistent population growth and rising median incomes over the past decade. While the LIHTC program has made significant investments in the area, with projects dating back to 1999, no new projects have been completed in recent years. This analysis provides insights into the affordable housing landscape of zip code 94547, reflecting its demographic and economic trends.
