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Montebello's LIHTC Program: Sustaining Affordable Housing 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
Montebello, California, with a population of 63,832 as of 2022, has 189 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 0.77% of the city's estimated 24,457 total housing units.
The city has received $383,914 in project tax credits from the LIHTC program. With one project, this translates to an average federal funding of $383,914 per project and $2,031 per unit. Montebello holds 0.01% of the total state LIHTC funding, indicating a small contribution to California's affordable housing efforts.
The sole LIHTC project in Montebello, Beverly Towers, was completed in 2001. It consists of 189 units, including 133 efficiencies and 56 one-bedroom units, suggesting a focus on housing for individuals or small families.
Montebello's population has remained relatively stable over the past decade, decreasing slightly from 65,668 in 2015 to 63,832 in 2022. During this period, the median income increased from $55,449 in 2015 to $65,430 in 2022, representing an 18% growth.
The racial composition of Montebello has remained largely consistent. The Hispanic population remains predominant at 79% in 2022. The Asian population increased slightly from 12% in 2015 to 13% in 2022, while the White population decreased from 9% to 7% during the same period.
No new LIHTC projects have been built in Montebello in the last decade. This could be attributed to various factors, including the increasing median income, which might have reduced the perceived need for additional low-income housing.
Montebello's LIHTC funded affordable housing, while modest in scale, provides 189 low-income units through the Beverly Towers project. The city's demographic trends show a stable population with increasing median income, which may have influenced the lack of new LIHTC projects in recent years. The existing project continues to address affordable housing needs, particularly for individuals and small families, as evidenced by the unit distribution.
