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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 90241 in Downey, California, has a population of 43,685 as of 2022 and a land area of 4.96 square miles. The Low-Income Housing Tax Credit (LIHTC) program has funded 80 affordable housing units in this area, with 78 of these designated as low-income units. Based on the estimated housing inventory of 16,738 units, LIHTC-funded affordable housing covers approximately 0.48% of the zip code's housing stock.
The LIHTC program has invested $1,217,973 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $15,225 per unit. Notably, this zip code accounts for 0.04% of the total LIHTC funding allocated to California.
Affordable housing has been present in this zip code since at least 2001, with the most recent project completed in 2014. The Downey Senior Apartments, completed in 2001, and Downey View, completed in 2014, represent the span of LIHTC-funded affordable housing development in this area. The 2010s saw the most recent affordable housing project completion.
The LIHTC-funded projects in this zip code offer a diverse range of unit types. There are 23 one-bedroom units, 42 two-bedroom units, and 15 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, the population in this zip code has shown a slight increase, growing from 42,899 in 2013 to 43,685 in 2022. The median income has also risen, from $68,816 in 2013 to $77,514 in 2022, indicating a general improvement in economic conditions.
Racial demographics have remained relatively stable, with a predominant Hispanic population (75% in 2022). There has been a slight increase in the Asian population, from 6% in 2013 to 7% in 2022, while the white population has decreased from 18% to 14% during the same period.
The completion of the Downey View project in 2014 coincides with a period of population growth and increasing median income. This suggests that the development of affordable housing was responding to the growing needs of the community during a time of economic expansion.
The LIHTC program has contributed to the affordable housing stock in zip code 90241, providing 80 units over two projects spanning more than a decade. While these units represent a small percentage of the total estimated housing inventory, they play a crucial role in providing affordable options in an area with rising median incomes. The diverse unit types offered cater to various household sizes, reflecting the demographic needs of the community. The timing of the most recent project aligns with periods of population growth and economic improvement, indicating a responsive approach to affordable housing development in this zip code.