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Eastmont's LIHTC Affordable Housing: Three Decades of Limited Impact 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
Eastmont, a neighborhood in Oakland, California, has a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area currently has 8 total affordable units, all designated as low-income units. Based on the 2022 population of 4,199 and using the national average household size, the estimated housing inventory for Eastmont is approximately 1,609 units. The LIHTC-funded affordable housing covers about 0.5% of the estimated housing units in the neighborhood, indicating a small proportion of affordable housing through this specific program.
The LIHTC program has provided $28,622 in tax credits for affordable housing projects in Eastmont. With 8 total units funded, this translates to an average of $3,578 in federal funding per unit. The neighborhood has two LIHTC-funded projects, with the earliest known completion date being 1990 for the project at 2648 Parker Ave. This suggests that affordable housing has been present in Eastmont for at least three decades.
The 1990s saw the completion of at least one affordable housing project in Eastmont. The data indicates that both projects contribute equally to the affordable housing stock, each providing 4 low-income units.
Over the past decade, Eastmont has experienced demographic shifts. The population has grown from 3,659 in 2015 to 4,199 in 2022, indicating a growing demand for housing. Median income has also increased significantly, rising from $35,079 in 2015 to $56,300 in 2022, which might suggest changing economic conditions in the neighborhood.
Racial demographics have also shifted. The Black population decreased from 46% in 2015 to 40% in 2022, while the Hispanic population increased from 38% to 46% during the same period. The Asian population also saw an increase from 0% to 7%. These changes in racial composition might indicate evolving housing needs in the community.
Despite these demographic changes, there does not appear to have been new LIHTC-funded affordable housing development in the last decade. This could be due to various factors, including land availability, funding priorities, or the presence of other affordable housing programs not captured in this data.
Eastmont's LIHTC-funded affordable housing inventory is relatively small, covering about 0.5% of the estimated housing units. The neighborhood has seen two LIHTC projects, with the earliest dating back to 1990. Over the past decade, Eastmont has experienced population growth, significant increases in median income, and shifts in racial demographics. Despite these changes, there has not been recent LIHTC-funded development, suggesting that other factors may be influencing affordable housing provision in the area. This analysis provides a snapshot of LIHTC's role in Eastmont's affordable housing landscape, but a comprehensive understanding would require consideration of other housing programs and local policies.
