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LIHTC's Impact on Affordable Housing in Oakland's Acorn Neighborhood 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
The Acorn neighborhood in Oakland, California, demonstrates a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 586 total units, with 526 designated as low-income units. Given the 2022 population of 2,695 and an estimated 1,033 housing units, LIHTC funded affordable housing represents approximately 56.7% of the neighborhood's estimated housing inventory. This high percentage indicates LIHTC's crucial role in providing affordable housing options in Acorn.
The LIHTC program has invested substantially in Acorn, with project tax credits totaling $7,419,730. This equates to an average federal funding of about $12,662 per unit in LIHTC-funded projects. The neighborhood has experienced LIHTC-funded affordable housing development over more than a decade, with the earliest project, City Towers, completed in 2004, and the most recent, Morh I Housing, finished in 2016.
The 2000s were particularly active for affordable housing development in Acorn, with three out of four projects completed during this decade. Notable projects include City Towers and Mandela Gateway, both completed in 2004, followed by Jack London Gateway Senior Housing in 2009. Acorn's LIHTC-funded housing stock offers a diverse range of unit types, including 33 efficiencies, 159 one-bedroom units, 144 two-bedroom units, 98 three-bedroom units, and 8 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, Acorn has experienced notable demographic shifts. The population has grown from 2,137 in 2013 to 2,695 in 2022, a 26% increase. Concurrently, the median income has risen significantly, from $19,179 in 2013 to $39,120 in 2022, more than doubling over this period.
The racial composition of Acorn has also evolved. The Black population, while still the majority, has decreased from 57% in 2013 to 48% in 2022. Conversely, the White population has increased from 5% to 18% during the same period. The Asian population has remained relatively stable, decreasing slightly from 19% to 15%.
These demographic changes, particularly the rising median income and shifting racial composition, may indicate ongoing gentrification in the neighborhood. The significant presence of LIHTC-funded housing likely plays a crucial role in maintaining affordable options for long-term residents amidst these changes.
Acorn's affordable housing landscape is heavily influenced by LIHTC-funded projects, which account for a substantial portion of the neighborhood's estimated housing inventory. The development of these projects, primarily in the 2000s and early 2010s, has created a diverse range of affordable housing options. Despite significant demographic changes, including population growth, rising median incomes, and shifts in racial composition, the LIHTC-funded housing continues to provide essential affordable options in this evolving neighborhood.
