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Affordable Housing Inventory in Zip Code 94301: A Decades-Long Investment in Palo Alto
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 94301 in Palo Alto, California, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 298 total units in LIHTC funded projects, with 295 designated as low-income units. Based on the estimated 6,865 housing units in the zip code, the LIHTC funded affordable housing comprises approximately 4.3% of the total housing stock.
The LIHTC projects in zip code 94301 have received $2,890,854 in tax credits, averaging about $9,700 per unit. This represents 0.09% of California's total LIHTC funding allocation, indicating a relatively small but significant contribution to the state's affordable housing efforts.
Affordable housing has been present in this zip code for over two decades. The first LIHTC project, Alma Place, was completed in 1998, while the most recent, Palo Alto Family Housing, was finished in 2013. The 2000s saw the most activity, with three projects completed during this decade: Oak Court Apts (2005), Opportunity Center Of The Midpeninsula (2006), and Palo Alto Family Housing (2013).
The LIHTC funded housing in zip code 94301 offers a diverse range of unit types. There are 7 efficiencies, 30 one-bedroom units, 50 two-bedroom units, and 42 three-bedroom units, catering to various household sizes and needs.
Over the past decade, the population in zip code 94301 has remained relatively stable, fluctuating between about 17,500 and 18,600 residents. The median income has shown a general upward trend, rising from $157,227 in 2013 to $158,810 in 2022, with some fluctuations in between.
The racial composition of the area has undergone changes. The Asian population has increased from 15% in 2013 to 26% in 2022, while the white population has decreased from 72% to 58% during the same period. The Hispanic population has remained relatively stable at around 6-7%.
Despite the high median income in the area, the presence of LIHTC funded housing indicates a recognition of the need for affordable options in this high-cost region. The most recent LIHTC project was completed in 2013, which could be related to the consistently high median income and changing demographics in the area.
Zip code 94301 in Palo Alto has a small but significant LIHTC funded affordable housing inventory, covering about 4.3% of the estimated housing stock. The area has seen LIHTC projects developed over a 15-year period, with the most recent addition in 2013. While the median income is high and has been increasing, the presence of these affordable units helps maintain some economic diversity in the area. The changing racial demographics, particularly the increase in the Asian population, may influence future affordable housing needs and development in this zip code.
