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El Monte's LIHTC-Funded Affordable Housing: Three Decades of Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
El Monte, a California city, has a significant presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC inventory consists of 902 total units, with 892 designated as low-income units. Based on the estimated housing inventory of 40,348 units, LIHTC-funded affordable housing covers approximately 2.2% of the city's housing stock.
El Monte has received $10,311,793 in project tax credits for affordable housing through the LIHTC program. With 13 approximate projects, this translates to an average of $793,215 in federal funding per project. The average federal funding per unit is $11,432, considering the total of 902 units in LIHTC-funded projects.
El Monte holds 0.34% of the total state LIHTC funding, indicating a modest share of California's affordable housing resources. The city has a long history of affordable housing development, with the earliest project, Flamingo Garden Senior, completed in 1988, and the most recent, Baldwin Rose Family Veteran Housing, finished in 2019. This span of over three decades demonstrates a consistent commitment to affordable housing in El Monte.
The 2010s saw the most significant affordable housing development activity, with projects like El Monte Veterans Village (2014), The Exchange At Gateway Apartments (2015), and Palo Verde Apartments (2018) being completed. The city's LIHTC-funded housing stock includes a diverse mix of unit types, with 93 efficiencies, 431 one-bedroom units, 61 two-bedroom units, and 77 three-bedroom units.
Over the past decade, El Monte has experienced fluctuations in its population, with a peak of 116,745 residents in 2015 and a decline to 105,307 by 2022. Despite this population decrease, the median income has shown a consistent upward trend, rising from $31,852 in 2013 to $59,368 in 2022. This income growth may have influenced the need for affordable housing in the city.
The racial composition of El Monte has remained relatively stable, with a slight increase in the Hispanic population from 64% in 2013 to 71% in 2022, and a small decrease in the Asian population from 31% to 25% over the same period. These demographic shifts may have implications for the types of affordable housing needed in the community.
El Monte's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has consistently developed affordable housing projects over the past three decades, with the most active period being the 2010s. While the population has decreased slightly in recent years, rising median incomes and shifts in racial composition may influence future affordable housing needs. The diverse mix of unit types in LIHTC projects suggests an effort to accommodate various household sizes and needs within the community.
