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Affordable Housing in Zip Code 94561: LIHTC Investment and Demographic Trends in Oakley, 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 94561, located in Oakley, California, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 733 total affordable housing units, with 723 of these designated as low-income units. Based on the estimated 16,173 housing units in the zip code, LIHTC funded affordable housing represents approximately 4.5% of the total housing stock.
The LIHTC program has invested $8,532,676 in tax credits for affordable housing projects in this zip code. This translates to an average of $11,640 in federal funding per unit. Notably, this zip code accounts for 0.28% of California's total LIHTC funding allocation, indicating a substantial investment in affordable housing for the area.
Affordable housing has been a long-standing feature of this zip code, with projects spanning nearly two decades. The first LIHTC project, Oakley Summer Creek, was completed in 2001, while the most recent, Oak Creek Family Apartments, was finished in 2019. The 2000s saw the most significant development activity, with multiple projects completed during this decade, including Courtyard At Cypress Grove (2006) and Oak Grove Terrace (2008).
The LIHTC funded housing inventory in this zip code offers a diverse range of unit types. There are 302 one-bedroom units, 173 two-bedroom units, and 106 three-bedroom units, catering to various household sizes and needs.
Over the past decade, the zip code has experienced steady population growth, increasing from 36,766 in 2013 to 42,211 in 2022. Median income has also risen significantly, from $95,872 in 2013 to $110,338 in 2022, potentially indicating a growing need for affordable housing options to maintain economic diversity.
Racial demographics have remained relatively stable, with a slight increase in diversity. The white population has maintained around 45-46% of the total, while Hispanic representation has decreased slightly from 38% in 2013 to 31% in 2022. There have been small increases in Asian and Black populations, rising to 8% and 9% respectively by 2022.
The 94561 zip code demonstrates a consistent commitment to affordable housing through LIHTC funding. While the current inventory represents 4.5% of the estimated housing stock, it provides crucial low-income housing options in an area experiencing population growth and rising median incomes. The diverse unit types available cater to various household sizes, contributing to the area's housing diversity. As the community continues to evolve demographically and economically, ongoing monitoring of affordable housing needs will be essential to maintain a balanced and inclusive community.
