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Affordable Housing Landscape in Zip Code 94588: A Study of LIHTC Impact and Demographic Shifts
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 94588 in Pleasanton, California, exhibits a distinct affordable housing situation. The Low-Income Housing Tax Credit (LIHTC) program has funded 168 total units, with 34 units specifically designated as low-income. Given the estimated 16,016 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 1.05% of the total housing inventory. This indicates that LIHTC-funded projects contribute a small but significant portion to the area's affordable housing supply.
The LIHTC program has invested $225,782 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of about $1,344 per unit. Zip code 94588 accounts for 0.01% of California's total LIHTC funding, suggesting a relatively small but targeted investment in this area.
A notable LIHTC-funded project in the area is the Anton Hacienda Apartments, completed in 2015. This development offers a variety of unit types, including 64 one-bedroom, 88 two-bedroom, and 16 three-bedroom units. The absence of efficiency units and four-bedroom apartments indicates a focus on accommodating small to medium-sized households.
Zip code 94588 has experienced significant demographic changes over the past decade. The population has grown steadily, increasing from 31,300 in 2010 to 41,801 in 2022, representing a 33.5% growth. This population increase may have influenced the demand for additional housing, including affordable options.
Median income in the area has also changed substantially, rising from $142,557 in 2013 to $166,167 in 2022, a 16.6% increase. This rise in median income may affect the demand for affordable housing and potentially alter the profile of residents who qualify for low-income units.
The racial composition of zip code 94588 has undergone considerable shifts. The Asian population has grown from 31% in 2013 to 47% in 2022, while the White population has decreased from 52% to 35% during the same period. The Hispanic population has remained relatively stable, fluctuating between 7-11%. These demographic changes may influence the cultural and economic diversity of the area, potentially impacting the need for varied housing options.
Zip code 94588 in Pleasanton, California, presents a multifaceted affordable housing landscape. LIHTC-funded projects, while contributing a small percentage to the overall housing inventory, play a vital role in providing affordable options in an area with rising median incomes. The Anton Hacienda Apartments, completed in 2015, represents a significant investment in diverse housing types. The area's changing demographics, including population growth and shifts in racial composition, may continue to shape the demand for affordable housing in this zip code. These factors collectively underscore the ongoing importance of affordable housing initiatives in this evolving community.
