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Long Beach's Affordable Housing: Three Decades of LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Long Beach, California, has implemented the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing. The city's LIHTC-funded affordable housing inventory comprises 4,330 total units, with 3,592 designated as low-income units. This represents approximately 2.5% of the city's estimated housing inventory of 172,919 units.
Long Beach has received $33,740,923 in project tax credits through the LIHTC program. With approximately 38 projects, the average federal funding per project is $887,919, and the average federal funding per unit is $7,792. Long Beach accounts for 1.1% of the total state LIHTC funding for California.
The city's LIHTC-funded affordable housing development spans nearly three decades, from the Pacific Court Apartments in 1992 to the Vistas Del Puerto Apartments in 2021. The 2010s saw the highest number of affordable housing project completions, including notable developments such as the Long Beach Senior Artists Colony and Cabrillo Gateway.
The LIHTC-funded affordable housing inventory in Long Beach includes various unit types. The distribution consists of 936 efficiencies, 1,138 one-bedroom units, 914 two-bedroom units, 368 three-bedroom units, and 27 four-bedroom units. This diversity caters to different household sizes and needs within the community.
Certain projects target specific populations. For example, the Elm Avenue Apartments, completed in 2008, and the Palace Hotel, finished in 2011, serve individuals with special needs. These projects likely offer additional support services to meet the unique requirements of their residents.
Long Beach's population has slightly decreased from 474,172 in 2015 to 451,319 in 2022. Despite this decline, the median income has increased significantly from $54,971 in 2015 to $80,493 in 2022, indicating a changing economic landscape in the city.
The racial demographics of Long Beach have remained relatively stable with minor shifts. The Hispanic population has increased slightly from 44% in 2015 to 44% in 2022, while the Asian population has remained steady at approximately 12-13%. The Black population has decreased slightly from 12% to 11%, and the White population has declined from 28% to 26%.
Long Beach'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, focusing on diverse unit types to accommodate various household sizes. While the population has slightly decreased, rising median incomes suggest changing economic conditions that may impact future affordable housing needs. The stable racial demographics indicate a continued need for culturally diverse and inclusive affordable housing options.
