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La Verne's LIHTC-Funded Affordable Housing: A 17-Year Presence in California
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
La Verne, a California city, has a population of 33,222 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 145 total units, with 143 designated as low-income units. This represents approximately 1.14% of the city's estimated 12,729 housing units.
La Verne has received $1,740,671 in project tax credits from the LIHTC program. With two projects, this averages $870,336 per project. The average federal funding per unit is $12,005. La Verne accounts for 0.06% of California's total LIHTC funding.
The city's LIHTC-funded affordable housing spans from 1999 to 2016, indicating a 17-year presence of this program in La Verne. The first project, Vintage Grove Senior Apts, was completed in 1999, while the most recent, Cedar Springs Apartments, was finished in 2016. The 2010s saw the most recent affordable housing development in the city.
La Verne's LIHTC-funded housing inventory includes 94 one-bedroom units, 26 two-bedroom units, and 7 three-bedroom units. This distribution suggests a focus on smaller households and potentially senior housing.
Over the past decade, La Verne's population has remained relatively stable, with a slight decrease from 33,994 in 2019 to 33,222 in 2022. The median income has shown an overall upward trend, increasing from $89,030 in 2013 to $96,071 in 2022. This rise in median income might partially explain the lack of new LIHTC projects since 2016.
Racial demographics have shifted slightly, with the Hispanic population increasing from 30% in 2013 to 36% in 2022, while the white population decreased from 52% to 45% during the same period. The Asian population has remained relatively stable at around 9-10%.
La Verne's LIHTC-funded affordable housing represents a small portion of the city's estimated housing stock. The city has received modest funding through the LIHTC program, with two projects completed over a 17-year span. The housing units are predominantly one-bedroom, suggesting a focus on smaller households. Despite the lack of new LIHTC projects since 2016, the city has experienced a rise in median income and slight shifts in racial demographics. These factors may influence the current state and future needs of affordable housing in La Verne.
