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Affordable Housing in Zip Code 94563: Analysis of LIHTC-Funded Inventory in Orinda, 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 94563 in Orinda, California, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area encompasses 67 total affordable units, with 66 designated as low-income units. Based on the estimated 8,246 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 0.81% of the total housing inventory.
The LIHTC projects in zip code 94563 have received $743,171 in tax credits for affordable housing development. This amount equates to an average federal funding of $11,091 per unit. Zip code 94563 holds 0.02% of the total state LIHTC funding, indicating a relatively small but significant contribution to California's affordable housing efforts.
The Monteverde Senior Apartments, completed in 2014, represents a key LIHTC project in the area. This development consists of 67 units, including 66 one-bedroom apartments and 1 two-bedroom unit, all dedicated to low-income residents. The 2010s marked the decade with the most affordable housing completion in this zip code.
Over the past decade, the population in zip code 94563 has demonstrated steady growth, increasing from 19,295 in 2013 to 21,522 in 2022. Concurrently, the median income has risen substantially, from $173,252 in 2013 to $181,881 in 2022, with a peak of $192,258 in 2021. This upward trend in income may partially explain the limited development of additional LIHTC projects since 2014.
The racial demographics have remained relatively stable, with a slight decrease in the white population (from 74% in 2013 to 70% in 2022) and a small increase in the Asian population (from 13% to 15%). The Hispanic population has maintained around 5-6% throughout this period.
In zip code 94563, LIHTC-funded affordable housing plays a small but important role in the overall housing landscape. The Monteverde Senior Apartments, completed in 2014, represents the primary LIHTC development, offering 66 low-income units. While the percentage of affordable housing is relatively low compared to the total estimated housing units, it is important to note that other programs may contribute to the affordable housing inventory. The area has experienced consistent population growth and significant increases in median income over the past decade, which may influence the demand for and development of affordable housing in this high-income area.
