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Redding's LIHTC-Funded Affordable Housing: Three Decades of Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Redding, a city in northern California, has a LIHTC-funded affordable housing inventory of 536 total units, with 511 designated as low-income units. This represents approximately 1.51% of the city's estimated housing stock of 35,592 units. The city has received $4,131,934 in project tax credits through the LIHTC program, distributed across approximately 9 projects.
Redding's LIHTC-funded projects average $459,104 in federal funding per project and $7,709 per unit. The city holds 0.13% of the total state LIHTC funding. The development of LIHTC-funded affordable housing in Redding spans over three decades, with the first project completed in 1989 and the most recent in 2020. The 2000s saw the highest activity in affordable housing development.
The LIHTC-funded housing stock in Redding offers a range of unit types, including 34 efficiencies, 173 one-bedroom units, 150 two-bedroom units, 60 three-bedroom units, and 4 four-bedroom units. This diversity caters to various household sizes and needs.
Redding's population has grown steadily over the past decade, increasing from 91,579 in 2015 to 92,896 in 2022. The median income has risen significantly, from $45,490 in 2015 to $68,551 in 2022, representing a 50.7% increase. This substantial income growth may indicate a changing economic landscape in the city.
Racial demographics have remained relatively stable. The white population decreased slightly from 78% in 2015 to 74% in 2022. The Hispanic population increased modestly from 10% to 13% during the same period. The Asian population has remained steady at around 5%, while other racial groups have shown minor fluctuations.
The completion of The Woodlands II project in 2020 aligns with the period of income growth and slight demographic shifts, potentially addressing evolving housing needs in the community. Redding's LIHTC-funded affordable housing inventory, while modest compared to the overall housing stock, represents a consistent effort to provide low-income housing options over the past three decades.
The city has leveraged federal tax credits to develop a diverse range of unit types, potentially accommodating various household sizes and needs. The recent economic growth, as evidenced by rising median incomes, and subtle demographic shifts may influence future affordable housing needs and development in Redding.
