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Affordable Housing Landscape in Zip Code 95425: Cloverdale's LIHTC-Funded Inventory
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 95425, located in Cloverdale, California, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area, with a population of 10,771 as of 2022, has 165 total affordable housing units, of which 163 are designated as low-income units. Based on the estimated 4,127 housing units in the zip code, the LIHTC-funded affordable housing comprises approximately 4% of the total housing inventory.
The LIHTC program has invested $633,557 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of about $3,840 per unit. Notably, this zip code accounts for 0.02% of California's total LIHTC funding allocation.
Affordable housing has been present in this community for over three decades. The first LIHTC project, Cloverdale Garden Apartments, was completed in 1991, while the most recent addition, Kings Valley Senior Apartments, was finished in 2014. The 2010s saw the most significant development in affordable housing, with the largest project, Kings Valley Senior Apartments, adding 99 units to the inventory.
The LIHTC-funded housing stock in this zip code consists of 52 efficiencies, 74 one-bedroom units, and 5 two-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially senior residents.
Two of the three LIHTC projects in this zip code, Divine Senior Apartments and Kings Valley Senior Apartments, appear to cater to senior residents based on their names, indicating a significant focus on providing affordable housing options for the older population in the area.
Over the past decade, the zip code has experienced modest population growth, increasing from 10,093 in 2010 to 10,771 in 2022. Concurrently, the median income has risen from $68,800 in 2013 to $80,828 in 2022, indicating improving economic conditions for residents.
The racial composition of the zip code has remained relatively stable, with a slight increase in diversity. The white population decreased from 64% in 2019 to 63% in 2022, while the Hispanic population increased from 30% to 32% during the same period. The Asian population has consistently represented about 2% of the total.
The 95425 zip code demonstrates a commitment to affordable housing through its LIHTC-funded projects, which cover approximately 4% of the estimated housing inventory. The area has seen steady development of affordable housing over three decades, with a particular focus on senior living options. There may be room for additional affordable housing development to meet the needs of the growing and diversifying population, especially considering the substantial increase in median income over the past decade.
