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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Chico, California, a city with a population of 101,304 in 2022, has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The LIHTC program in Chico has resulted in 1,066 total units, with 1,056 designated as low-income units. These units represent approximately 2.75% of the city's estimated 38,814 housing units.
The LIHTC program in Chico has received $7,217,091 in project tax credits. This funding has supported approximately 14 projects, averaging $515,506 in federal funding per project. The per-unit federal funding amounts to about $6,770. Chico's allocation represents 0.23% of California's total LIHTC funding.
Chico's involvement with LIHTC-funded affordable housing began in 1992 with the East Of Eaton project and continued through 2017 with the Valley View Apartments. This 25-year period demonstrates a sustained commitment to affordable housing development. The year 2013 was particularly active for LIHTC projects in Chico, with the completion of three projects: North Point Apts, Harvest Park Apts, and Villa Sierra Apts.
The LIHTC-funded housing stock in Chico offers a range of unit types. The inventory includes 55 efficiencies, 306 one-bedroom units, 374 two-bedroom units, 196 three-bedroom units, and 24 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Demographic trends over the past decade show Chico's population increased from 88,075 in 2013 to 101,304 in 2022, a 15% growth. Median income rose from $44,491 in 2013 to $65,021 in 2022, a 46% increase. Despite this economic growth, the need for affordable housing persists.
The racial composition of Chico has shown slight changes. The white population decreased from 73% in 2013 to 66% in 2022, while Asian and Hispanic populations experienced modest increases. This demographic shift may indicate a growing need for culturally diverse affordable housing options.
Chico's LIHTC program has significantly contributed to the city's affordable housing stock over 25 years. Although the current inventory falls short of ideal targets, the consistent development of new projects and the diversity of unit types demonstrate ongoing efforts to address affordable housing needs. The city's growing population and changing demographics underscore the continued importance of affordable housing initiatives in Chico.