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Folsom's Affordable Housing: LIHTC Program's Impact on a Growing California City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Folsom, a California city known for its historic prison and proximity to Folsom Lake, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 651 total units, with 391 designated as low-income units. This represents approximately 2.04% of the city's estimated housing stock of 31,905 units.
The LIHTC program in Folsom has received $3,760,024 in project tax credits for affordable housing. With six projects, this equates to an average federal funding of $626,670 per project and $5,775 per unit. Folsom's share of California's total LIHTC funding is 0.12%, indicating a relatively small portion of the state's affordable housing initiatives.
Folsom's LIHTC-funded affordable housing development spans from 2003 to 2019, with the first project being Vintage Willow Creek Senior Apartments and the most recent being Bidwell Pointe. This 16-year period demonstrates a sustained effort in developing affordable housing. The 2010s saw the most activity, with four out of six projects completed during this decade.
The LIHTC inventory in Folsom includes a diverse range of unit types: 8 efficiencies, 341 one-bedroom units, 161 two-bedroom units, and 43 three-bedroom units. This distribution suggests a focus on smaller households and potentially senior or single-adult populations.
Folsom's population has grown steadily from 72,348 in 2010 to 83,273 in 2022. The median income has increased significantly, from $97,196 in 2013 to $129,045 in 2022. Despite this income growth, the continued development of LIHTC projects indicates an ongoing demand for affordable housing units.
Racial demographics in Folsom have shown a slight increase in diversity. The white population decreased from 66% in 2015 to 57% in 2022, while the Asian population grew from 16% to 18% during the same period. The Hispanic population increased from 8% to 12%. This growing diversity may influence the need for culturally sensitive affordable housing options.
Folsom's LIHTC-funded affordable housing inventory, while modest compared to the overall housing stock, represents a consistent effort to provide low-income housing options. The city has maintained a steady pace of affordable housing development over nearly two decades, with a concentration of projects in the 2010s. Despite rising median incomes, the continued implementation of LIHTC projects suggests an ongoing need for affordable housing, possibly due to increasing population and growing diversity. The unit mix indicates a focus on smaller households, which aligns with demographic trends in many urban areas.
