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Affordable Housing in Zip Code 95032: Two Decades of LIHTC Development in Los Gatos
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 95032 in Los Gatos, California, has a population of 29,706 as of 2022 and covers an area of 16.35 square miles. The Low-Income Housing Tax Credit (LIHTC) program has funded affordable housing projects in this area, providing 171 total units, of which 169 are designated as low-income units. Based on the estimated housing inventory of 11,382 units, the LIHTC-funded affordable housing covers approximately 1.5% of the zip code's housing stock.
The LIHTC projects in this zip code have received $1,724,176 in tax credits, averaging about $10,083 per unit. This funding represents 0.06% of the total LIHTC allocation for California, indicating a relatively small portion of the state's affordable housing investment in this area.
Affordable housing has been present in this zip code since at least 1993, with the completion of the Open Doors project. The most recent project, Villa Vasona Apartments, was completed in 2013, spanning two decades of affordable housing development in the area.
The affordable housing inventory in 95032 includes a diverse mix of unit types. There are 81 efficiencies, 26 one-bedroom units, 34 two-bedroom units, 28 three-bedroom units, and 2 four-bedroom units. This distribution suggests an effort to accommodate various household sizes and needs within the affordable housing stock.
Over the past decade, the population in zip code 95032 has grown from 27,303 in 2013 to 29,706 in 2022, an increase of about 8.8%. During this same period, the median income has risen from $153,178 in 2013 to $164,766 in 2022, representing a 7.6% increase.
The racial composition of the area has shifted. The Asian population has increased from 13% in 2013 to 19% in 2022, while the White population has decreased from 76% to 66% during the same period. The Hispanic population has grown from 6% to 9%.
Despite the population growth and rising incomes, no new LIHTC projects have been completed since 2013. This could be due to the area's high median income, which may reduce the perceived need for additional affordable housing units.
Zip code 95032 in Los Gatos has a small but established affordable housing inventory funded by the LIHTC program. The area has seen population growth, increasing median incomes, and shifts in racial composition over the past decade. While the LIHTC-funded units represent a small percentage of the overall housing stock, they provide a range of unit types to serve different household sizes. The lack of recent LIHTC developments may be influenced by the area's high median income and changing demographics.
