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Affordable Housing in Zip Code 95624: A Decade of LIHTC Development in Elk Grove, 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
The 95624 zip code in Elk Grove, California, maintains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 474 total units in LIHTC funded projects, with 405 specifically designated as low-income units. Based on the 2022 population of 67,317 and the national average household size, the estimated housing units in this zip code are approximately 25,792. The LIHTC funded affordable housing comprises about 1.84% of the estimated housing inventory in this area.
The LIHTC projects in this zip code have received $5,929,653 in project tax credits, averaging about $12,509 in federal funding per unit. This zip code holds 0.19% of California's total LIHTC funding, indicating a modest but notable contribution to the state's affordable housing efforts. Affordable housing has been present in this zip code since at least 2006, with the completion of Geneva Pointe Apts. The most recent projects, Bow Street Apartments and Bow Street Apartments II, were both completed in 2019, spanning over a decade of affordable housing development in the area.
The 2000s saw the most affordable housing activity, with four projects completed between 2006 and 2009. These include Geneva Pointe Apts, The Crossings At Elk Grove, Stoneridge At Elk Grove, and Waterman Square. The LIHTC funded projects in this zip code offer a variety of unit types. The total number of efficiencies is not available, but there are 34 one-bedroom units, 275 two-bedroom units, 109 three-bedroom units, and 20 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes.
Over the past decade, the population in this zip code has grown steadily, increasing from 61,481 in 2013 to 67,317 in 2022. The median income has also risen, from $93,551 in 2013 to $102,595 in 2022, indicating overall economic growth in the area. The racial distribution has remained relatively stable, with a slight increase in diversity. The Asian population has grown slightly from 24% to 26%, while the white population has decreased from 44% to 39%. The Black and Hispanic populations have remained relatively stable at around 8-9% and 17-18% respectively.
The most recent LIHTC projects were completed in 2019, coinciding with a period of continued population growth and rising median incomes. This suggests that despite overall economic improvements, there was still a recognized need for affordable housing in the area. The 95624 zip code in Elk Grove has a modest but significant LIHTC funded affordable housing inventory, covering about 1.84% of the estimated housing units. The area has seen consistent development of affordable housing projects over more than a decade, with the most activity occurring in the 2000s.
The LIHTC projects offer a range of unit types, primarily focusing on two and three-bedroom units. Despite rising median incomes and population growth, the completion of new affordable housing projects as recently as 2019 indicates an ongoing commitment to maintaining housing accessibility in this economically growing and increasingly diverse area.
