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Riverside's LIHTC-Funded Affordable Housing: A Decade of Development and 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
Riverside, California, a city known for its historic Mission Inn and citrus industry heritage, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 1,759 total units in LIHTC-funded projects, with 1,694 of these designated as low-income units. Based on an estimated housing inventory of 122,906 units, the LIHTC-funded affordable housing comprises approximately 1.4% of the city's housing stock.
Riverside has received $9,071,516 in project tax credits through the LIHTC program. With approximately 15 projects, this equates to an average of $604,767 in federal funding per project. The average federal funding per unit is $5,157, considering the total 1,759 units in LIHTC-funded projects. Riverside holds 0.3% of the total state LIHTC funding.
The city's involvement with LIHTC-funded affordable housing spans over two decades, from the earliest project, Canyon Shadows, completed in 1996, to the most recent, Mt. Rubidoux Manor, finished in 2018. The 2000s experienced the most activity in affordable housing development, with multiple projects completed during this decade.
The LIHTC-funded housing inventory in Riverside offers a range of unit types. The distribution includes 179 efficiencies, 294 one-bedroom units, 703 two-bedroom units, 228 three-bedroom units, and 20 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Some projects target specific populations. Geel Place, completed in 2004, focuses on special needs residents, while Cedar Glen Apartments, finished in 2014, is designed for individuals with mental illness. These specialized projects address unique housing requirements within the community.
Over the past decade, Riverside's population has shown slight fluctuations, peaking at 331,369 in 2019 before declining to 320,785 in 2022. The median income has steadily increased from $54,300 in 2013 to $81,228 in 2022, indicating overall economic growth.
The racial composition of Riverside has remained relatively stable, with a slight increase in the Hispanic population from 53% in 2013 to 56% in 2022. The Asian population has held steady at around 7-8%, while the Black population has fluctuated between 5-7%. The White population has seen a gradual decrease from 31% in 2013 to 28% in 2022.
The completion of LIHTC projects has slowed in recent years, with the last project finished in 2018. This may be attributed to the rising median income, potentially reducing the immediate need for additional affordable housing units.
Riverside's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has utilized federal funding to create a diverse range of affordable units over two decades, including some specialized housing for specific populations. While LIHTC project development has slowed in recent years, the city's changing demographics and increasing median income suggest evolving housing needs that may require ongoing assessment and adaptation in affordable housing strategies.
