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Arcadia's LIHTC-Funded Affordable Housing: A Decade of Development Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Arcadia, a California city, possesses a modest inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city has 98 units in LIHTC-funded projects, with 96 designated as low-income units. This represents approximately 0.41% of the city's estimated housing inventory of 23,708 units.
Arcadia has received $1,265,123 in project tax credits for affordable housing through the LIHTC program. With three projects, this equates to an average federal funding of $421,708 per project and $12,909 per unit. The city holds 0.04% of the total state LIHTC funding.
The first LIHTC project in Arcadia, Heritage Park At Arcadia, was completed in 2004, while the most recent, Naomi Gardens, was finished in 2014. This indicates a decade-long presence of LIHTC-funded affordable housing in the city. The 2010s saw the most affordable housing projects completed, with two out of the three projects (Campus Commons and Naomi Gardens) being built during this decade.
The affordable housing units in Arcadia are predominantly one-bedroom units, with 79 such units across the projects. There are also 11 two-bedroom units. No efficiencies, three-bedroom, or four-bedroom units are reported in the LIHTC-funded projects.
Over the last decade, Arcadia's population has remained relatively stable, with a slight decrease from 62,403 in 2015 to 61,878 in 2022. The median income has shown an overall increase, rising from $97,072 in 2015 to $99,004 in 2022, with some fluctuations in between.
Regarding racial distribution, the Asian population has remained the majority, slightly decreasing from 60% in 2019 to 55% in 2022. The Hispanic population has seen a modest increase from 14% in 2019 to 20% in 2022, while the White population has decreased slightly from 21% to 19% during the same period.
The lack of new LIHTC projects since 2014 could be related to the city's relatively high median income, which may reduce the perceived need for additional low-income housing. However, the slight increase in the Hispanic population and overall population stability might indicate a potential need for more diverse housing options in the future.
Arcadia's LIHTC-funded affordable housing inventory provides 98 units of affordable housing. The city has seen a decade of LIHTC project development from 2004 to 2014, with a focus on one-bedroom units. Despite stable population levels and increasing median income, changing demographics may influence future affordable housing needs in Arcadia.
