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Affordable Housing in Zip Code 95356: Two Decades of LIHTC Projects in Modesto, 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 95356 in Modesto, California, contains 306 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 304 designated as low-income units. This represents approximately 2.26% of the estimated 13,548 total housing units in the zip code. The LIHTC projects in this area have received $729,989 in tax credits, averaging about $2,386 per unit. This funding accounts for 2% of California's total LIHTC allocations.
Two LIHTC funded projects exist in zip code 95356: Standiford Gardens and Woodstone Apartments. Standiford Gardens, completed in 2000, was the first project, followed by Woodstone Apartments in 2001. This indicates that affordable housing has been present in the zip code for over two decades. The early 2000s saw the most affordable housing development in this area.
Standiford Gardens is the larger of the two projects, with 250 units, including 128 one-bedroom, 104 two-bedroom, and 18 three-bedroom units. Woodstone Apartments contributes 56 units, with a mix of two-, three-, and four-bedroom apartments.
The population in zip code 95356 has remained relatively stable over the past decade, fluctuating between 35,000 and 36,000 residents. The median income has shown variability, increasing from $76,112 in 2018 to $92,761 in 2021, before decreasing to $81,689 in 2022.
Racial demographics have maintained relative consistency, with a slight increase in the Hispanic population from 28% in 2018 to 32% in 2022. The White population has marginally decreased from 52% to 51% during the same period. Asian, Black, and other racial groups have maintained relatively stable percentages.
The stability in population and gradual increase in median income may suggest a reduced need for additional affordable housing in recent years. However, the slight increase in the Hispanic population could indicate a potential demand for culturally sensitive affordable housing options.
Zip code 95356 in Modesto, California, has a modest LIHTC funded affordable housing inventory, covering about 2.26% of the estimated total housing stock. The area received significant LIHTC funding, representing 2% of the state's allocation. The two LIHTC projects, completed in the early 2000s, provide a mix of unit sizes to accommodate diverse household needs. Demographic trends show relative stability, with recent increases in median income and slight shifts in racial composition potentially influencing future affordable housing needs in the area.
