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Affordable Housing Landscape in Zip Code 95023: A 26-Year LIHTC Journey in Hollister, 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 zip code 95023 in Hollister, California, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 376 units, with 343 designated as low-income units, addressing affordable housing needs for over three decades. LIHTC-funded affordable housing comprises approximately 1.7% of the total housing stock, based on an estimated 22,117 housing units in the zip code.
The LIHTC program has invested $3,756,648 in project tax credits in this zip code, averaging about $9,991 per unit in federal funding. Zip code 95023 accounts for 0.12% of California's total LIHTC funding, representing a modest but meaningful contribution to the state's affordable housing efforts.
Affordable housing development in this area began in 1990 with the completion of Prospect Villa Apts and continued until 2016 with the Rancho Rustic project. The 1990s saw the most activity, with five projects completed during this decade, including Prospect Villa Apts II, Rancho Park, Rustic Gardens, and Prospect Villa Apts III.
The LIHTC-funded housing inventory in zip code 95023 offers diverse unit types. The 376 total units comprise 1 efficiency unit, 111 one-bedroom units, 45 two-bedroom units, 74 three-bedroom units, and 17 four-bedroom units. This mix accommodates various household sizes and needs within the community.
From 2013 to 2022, the zip code 95023 experienced consistent population growth, increasing from 49,806 to 57,725. The median income fluctuated during this period, rising from $78,260 in 2013 to $89,150 in 2022, with a peak of $99,975 in 2021.
The racial composition of zip code 95023 evolved from 2013 to 2022. The Hispanic population increased from 59% to 64%, while the white population decreased from 35% to 28%. The Asian population increased slightly from 2% to 3%, with other racial groups remaining relatively stable.
Despite population growth and demographic changes, LIHTC development in zip code 95023 has been limited since 2011, with only the Rancho Rustic project completed in 2016. This may indicate that existing LIHTC projects sufficiently meet the low-income housing demand in the area, or that other affordable housing programs address the community's needs.
Zip code 95023 in Hollister, California, has an established LIHTC-funded affordable housing inventory developed over nearly three decades. While representing a small portion of the total housing stock, it provides crucial low-income housing options. The area has experienced consistent population growth and demographic shifts, particularly in its Hispanic population. The slowdown in recent LIHTC development may suggest that current affordable housing needs are being met through existing projects or alternative programs.
