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Hollywood's Affordable Housing: LIHTC's Impact on a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Low-Income Housing Tax Credit (LIHTC) program has significantly contributed to affordable housing in Hollywood, Los Angeles. The neighborhood's LIHTC funded affordable housing inventory comprises 2,910 total units, with 2,449 designated as low-income units. This represents approximately 5.3% of the estimated 55,046 housing units in Hollywood. The LIHTC program has invested $32,774,634 in project tax credits, averaging $11,262 per unit in federal funding.
Affordable housing development in Hollywood spans over three decades, with the first LIHTC project completed in 1988 and the most recent recorded in 2020. The 2000s witnessed the highest number of affordable housing project completions, including notable developments such as Triangle Square Apartments (2007), Hollywood & Vine Apartments (2010), and The Gordon (2013). This consistent development effort addresses diverse housing needs over time.
The LIHTC funded housing inventory in Hollywood offers a variety of unit types: 323 efficiencies, 896 one-bedroom units, 437 two-bedroom units, 328 three-bedroom units, and 32 four-bedroom units. This diverse mix accommodates various household sizes and needs within the community. Some projects target specific populations, such as St Andrews Bungalow Court and Harold Way Apartments for special needs residents, and Swansea Park Senior Apartments for at-risk populations.
Hollywood's population has slightly decreased from 151,065 in 2015 to 143,669 in 2022. Despite this decline, the median income has increased significantly from $38,538 in 2015 to $50,896 in 2022, suggesting potential gentrification pressures. The racial composition of Hollywood has remained relatively stable, with a slight decrease in the Hispanic population (from 46% in 2015 to 42% in 2022) and small increases in Asian and Black populations. This diversity emphasizes the importance of maintaining affordable housing options for various demographic groups.
Hollywood's LIHTC funded affordable housing inventory represents a significant effort to provide low-income housing options in a high-cost urban area. With 2,449 low-income units and diverse unit types, these projects cater to various household sizes and needs. The continuous development of LIHTC projects over three decades demonstrates an ongoing commitment to affordable housing. While the current inventory covers a small percentage of the estimated housing units, it plays a crucial role in maintaining socioeconomic diversity in the face of rising median incomes and potential gentrification pressures.
