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Corona's Affordable Housing: LIHTC Impact on Citrus City's Urban Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Corona, California, a city with a citrus industry heritage, has a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC-funded projects comprise 906 total units, of which 825 are designated as low-income units. This represents approximately 1.48% of Corona's estimated housing inventory of 61,124 units.
Corona has received $6,860,792 in project tax credits for affordable housing through the LIHTC program. With approximately 8 projects, this amounts to an average of $857,599 in federal funding per project. The average federal funding per unit is $7,572. Corona's share of the total state LIHTC funding is 0.22%, indicating a modest portion of California's affordable housing resources.
The development of LIHTC-funded affordable housing in Corona spans over two decades. The first project, Vintage Terrace Senior Apartments, was completed in 1999, while the most recent, East 6th Street Family Apartments, was finished in 2020. The 2000s were the most active period for affordable housing development, with four projects completed during this decade.
Corona's LIHTC-funded housing inventory includes a diverse range of unit types. Out of the 906 total units, there are 18 efficiencies, 419 one-bedroom units, 218 two-bedroom units, 87 three-bedroom units, and 12 four-bedroom units. This distribution suggests a focus on smaller households, with a significant portion dedicated to one-bedroom apartments.
Corona's population has fluctuated over the last decade, reaching a peak of 169,854 in 2019 before declining to 159,534 in 2022. Despite this recent population decrease, the median income has steadily increased from $66,094 in 2013 to $99,953 in 2022, indicating overall economic growth in the city.
The racial demographics of Corona have experienced slight shifts. The Hispanic population has grown from 41% in 2013 to 49% in 2022, while the White population has decreased from 37% to 29% during the same period. The Asian population has remained relatively stable, ranging between 11% and 13%. These demographic changes may influence the need for diverse affordable housing options.
The completion of two LIHTC projects in the last five years (Corona Community Villas in 2019 and East 6th Street Family Apartments in 2020) aligns with the city's population growth and increasing median income, suggesting a continued need for affordable housing options despite overall economic improvements.
Corona's LIHTC-funded affordable housing inventory, while modest in relation to the city's total housing stock, represents a consistent effort to provide low-income housing options over the past two decades. The city has utilized federal funding to create a diverse range of unit types, with an emphasis on smaller households. The recent completion of LIHTC projects, combined with demographic shifts and rising median incomes, indicates an ongoing commitment to addressing affordable housing needs in a changing urban landscape.
