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Los Angeles LIHTC Program: A Cornerstone of Affordable Housing in the Entertainment Capital
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Los Angeles, the second-largest city in the United States, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program has funded 41,645 total units, with 36,015 designated as low-income units. This inventory represents approximately 2.8% of the city's total housing stock of 1,464,454 units.
Los Angeles has received $441,869,931 in project tax credits for affordable housing through the LIHTC program. With approximately 660 projects, this translates to an average of about $669,500 in federal funding per project. The average federal funding per unit is approximately $10,610. Los Angeles holds 14.37% of the total LIHTC funding allocated to the state of California.
The LIHTC program has been active in Los Angeles for over three decades, with the earliest recorded projects dating back to 1987 and the most recent completed in 2021. The years 2008 and 2013 saw the highest number of LIHTC project completions, with notable developments including the Abbey Apartments, Barbizon Hotel Apartments, and Coronado Place Apartments in 2008, and the Fickett Towers and Dunbar Village in 2013.
Los Angeles' LIHTC-funded housing stock includes a variety of unit types to accommodate different household sizes. The inventory comprises 6,564 efficiencies, 10,947 one-bedroom units, 6,870 two-bedroom units, 4,923 three-bedroom units, and 1,555 four-bedroom units.
Several LIHTC projects in Los Angeles target specific populations with unique needs. The Gateways Apartments, completed in 2013, focuses on individuals with mental illness. The Star Apartments, also completed in 2013, serves those with mental illness and HIV/AIDS. These targeted projects address diverse housing needs within the community.
Los Angeles has experienced a slight population decline since 2020, with the 2022 population at 3,822,224. The median income has shown a steady increase, rising from $62,474 in 2018 to $76,135 in 2022. The racial distribution has remained relatively stable, with Hispanic residents consistently representing the largest group at around 48% of the population, followed by White (28%) and Asian (12%) residents.
Los Angeles has a substantial LIHTC-funded affordable housing inventory built up over more than three decades. These units play a crucial role in providing affordable options for low-income residents. The city's significant share of state LIHTC funding and the diverse range of projects demonstrate a continued commitment to addressing affordable housing needs in this urban center.
