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Affordable Housing in Zip Code 94925: Corte Madera's LIHTC Project
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 94925 represents Corte Madera, a town in Marin County, California. This zip code contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides 79 total units, with 78 designated as low-income units. The LIHTC-funded affordable housing comprises approximately 1.8% of the area's estimated 4,286 housing units.
The San Clemente Family Housing project, completed in 2007, received $1,178,981 in LIHTC funding. This equates to an average federal investment of $14,924 per unit. The project accounts for 0.04% of California's total LIHTC funding allocation.
The affordable housing inventory in zip code 94925 includes 21 one-bedroom, 33 two-bedroom, and 25 three-bedroom units. This distribution accommodates families of various sizes within the affordable housing development.
Demographic trends over the past decade show correlations with the LIHTC project in the area. The population increased from 10,283 in 2013 to 11,186 in 2022. Median income rose from $137,902 in 2013 to $168,439 in 2022, indicating growing affluence in the area.
Racial demographics remained relatively stable, with the white population consistently representing the majority at 75-78% throughout the decade. Small increases in diversity occurred, with slight growths in the Hispanic, Asian, and multi-racial populations.
The San Clemente Family Housing project's completion in 2007 predates recent demographic trends. The absence of additional LIHTC projects in the last decade may be attributed to the area's high median income and relatively stable population, potentially reducing the perceived need for additional low-income housing developments.
In conclusion, zip code 94925 in Corte Madera has one LIHTC-funded affordable housing project that provides a small but significant contribution to the area's housing diversity. While the project represents a minor portion of the total housing stock, it offers valuable affordable options in an otherwise high-income area. The demographic trends of increasing affluence and stability in population composition suggest that additional LIHTC developments have not been prioritized in recent years.
