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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Porterville, a city in California, has a total of 788 units in LIHTC-funded projects, including 741 low-income units. This inventory represents approximately 2.9% of the city's total housing stock, based on the 2022 population of 70,696 and an estimated housing inventory of 27,087 units. The city has received $6,690,650 in project tax credits through the LIHTC program, with approximately 10 projects averaging $669,065 in federal funding per project. The average federal funding per unit is about $8,490.
Porterville holds 0.22% of California's total LIHTC funding, indicating a modest share of the state's affordable housing investment. The city's LIHTC-funded housing history spans from 1989 to 2016, demonstrating a long-term commitment to affordable housing development. The first LIHTC project in Porterville was the Porterville Hotel, completed in 1989, while the most recent project is the Newcomb Court Apartments, finished in 2016. The 2000s saw the most affordable housing activity, with five projects completed during this decade.
The LIHTC-funded projects in Porterville offer a diverse range of unit types. There are 190 one-bedroom units, 216 two-bedroom units, 207 three-bedroom units, and 44 four-bedroom units, catering to various household sizes and needs.
Over the past decade, Porterville's population has grown steadily, increasing from 65,842 in 2014 to 70,696 in 2022. The median income has also risen, from $46,356 in 2014 to $52,488 in 2022, indicating some economic growth in the city. Racial demographics have shifted slightly, with the Hispanic population increasing from 63% in 2014 to 70% in 2022, while the white population decreased from 30% to 23% during the same period. The Asian population has remained relatively stable at around 3-4%.
Despite these demographic changes and population growth, no new LIHTC projects have been reported since 2016. This could suggest that other affordable housing initiatives may be addressing the city's needs, or that there might be a potential gap in affordable housing development in recent years.
Porterville's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has leveraged federal tax credits to create a diverse range of affordable units over nearly three decades. While demographic trends show population growth and increasing median income, the lack of recent LIHTC projects may warrant further investigation into the current affordable housing needs of the community.