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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Beach Tract/Fairway Homes, a neighborhood in Pacific Grove, California, had a population of 1,685 in 2022. The area contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, comprising 49 total units, of which 48 are designated as low-income units. These LIHTC-funded units represent approximately 7.6% of the neighborhood's estimated 645 housing units.
The LIHTC program has invested $420,701 in tax credits for affordable housing projects in this neighborhood, averaging about $8,585 per unit in federal funding. The neighborhood's affordable housing inventory includes one project: Pacific Grove Senior Apts, completed in 2006. This project marks the inception of LIHTC-funded affordable housing in the area, indicating at least 16 years of affordable housing presence in the neighborhood.
The affordable housing units in Beach Tract/Fairway Homes consist of 8 efficiencies, 34 one-bedroom units, and 7 two-bedroom units. This distribution suggests a focus on smaller household sizes, aligning with the project's orientation towards senior housing.
Over the past decade, the neighborhood's population has fluctuated, showing a general downward trend from 2,068 in 2015 to 1,685 in 2022. Despite this population decrease, median income has shown volatility, ranging from $85,635 to $109,329 between 2020 and 2022. The racial composition has remained relatively stable, with a predominant white population (around 80-84% in recent years) and small increases in Asian and multi-racial residents.
The Pacific Grove Senior Apts project, completed in 2006, predates the available demographic data. However, the consistent median income levels and stable racial composition suggest that the neighborhood has maintained a need for affordable senior housing over the years.
Beach Tract/Fairway Homes has a single LIHTC-funded affordable housing project that contributes significantly to the neighborhood's housing diversity. The Pacific Grove Senior Apts provides 49 units, primarily consisting of one-bedroom apartments, which cater to the senior population. While the LIHTC-funded units represent about 7.6% of the estimated housing inventory, they play a crucial role in providing affordable options for seniors in an area with fluctuating but generally high median incomes. The demographic trends over the past decade suggest a continued need for such housing, particularly given the stable community composition and the specific focus on senior living.