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Affordable Housing in Zip Code 94903: Two Decades of LIHTC Development in San Rafael, 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 94903 in San Rafael, California, contains 36 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. Of these, 35 are designated as low-income units. The 2022 population of 31,676 and estimated 12,136 housing units indicate that LIHTC-funded affordable housing comprises approximately 0.3% of the housing inventory in this zip code.
The LIHTC program has invested $788,163 in tax credits for affordable housing projects in zip code 94903. This equates to an average federal funding of $21,893 per unit. This zip code accounts for 0.03% of the total LIHTC funding allocated to California.
Affordable housing development in this zip code spans over two decades. The initial LIHTC project, Rotary Valley Senior Housing, was completed in 1997. The most recent project, Anise Turina Apts, was finished in 2004. The 1990s and early 2000s experienced the most affordable housing development activity in this area.
The affordable housing inventory in zip code 94903 primarily consists of one-bedroom and two-bedroom units. There is 1 one-bedroom unit, 8 two-bedroom units, and 1 three-bedroom unit. This distribution indicates a focus on housing for small families and individuals.
The population in zip code 94903 has grown modestly from 30,528 in 2013 to 31,676 in 2022. During this period, the median income increased from $106,192 in 2013 to $117,059 in 2022, signifying an overall increase in affluence.
Racial demographics in zip code 94903 have shifted. The white population decreased from 72% in 2013 to 65% in 2022. The Hispanic population increased from 14% to 19%. The Asian population remained stable at 8-9%, and the Black population increased slightly from 2% to 3%.
No new LIHTC projects have been developed in zip code 94903 in the last decade. This may be attributed to the rising median income, potentially indicating a reduced need for affordable housing. However, the growing Hispanic population and slight increase in the Black population might suggest a need for more diverse and affordable housing options.
The LIHTC program has contributed to providing affordable housing in zip code 94903, with 36 units developed between 1997 and 2004. While this represents a small percentage of the overall housing stock, it has added to the area's housing diversity. The rising median income and changing racial demographics over the past decade provide context for understanding the affordable housing landscape in this zip code. These trends may inform future decisions regarding affordable housing development in the area.
