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Alameda Point: Affordable Housing and Demographic Shifts in a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Alameda Point, located in Alameda, California, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project comprises 60 units, with 59 designated as low-income units. The affordable housing inventory in Alameda Point plays a significant role in addressing the community's housing needs.
The neighborhood had a population of 1,508 in 2022. Using the national average household size of 2.61, the estimated number of housing units in the area is approximately 578. The 59 low-income units from the LIHTC project represent about 10.2% of the estimated housing inventory, indicating a substantial contribution to the neighborhood's affordable housing stock.
The LIHTC project in Alameda Point received $2,184,372 in tax credits. This amount equates to an average federal funding of approximately $36,406 per unit when divided by the total 60 units in the project. This investment demonstrates a commitment to affordable housing in the area.
The LIHTC project in Alameda Point, named "Alameda Point Senior," was completed in 2020. This recent addition to the neighborhood's housing stock indicates a new focus on affordable housing for the area. The project consists of 48 one-bedroom units and 12 two-bedroom units, primarily catering to smaller households.
Over the past decade, Alameda Point has experienced demographic shifts. The population increased from 1,319 in 2019 to 1,508 in 2022. Median income also showed an upward trend, rising from $24,594 in 2019 to $32,193 in 2022. Racial demographics have changed notably. The Asian population increased from 10% in 2019 to 23% in 2022, while the Black population rose from 37% to 44%. The White population decreased from 23% to 12% during the same period. The Hispanic population moved from 24% to 16%.
The introduction of the LIHTC project in 2020 coincides with these demographic shifts, potentially addressing changing housing needs in the community. The project's focus on one and two-bedroom units suggests a targeted approach to housing needs, possibly aligning with the changing demographics of the area. The recent completion of this project, coupled with demographic shifts and rising median income, indicates an evolving community landscape where affordable housing plays an important role in maintaining diversity and addressing housing needs.
