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Seaside's Sole LIHTC Project: Impacting Affordable Housing Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Seaside, a city in California, possesses a unique LIHTC-funded affordable housing inventory. The city has 133 affordable housing units, with 132 designated as low-income units. This indicates a commitment to providing housing options for lower-income residents. The LIHTC-funded affordable housing comprises approximately 1.06% of the city's estimated 12,548 housing units.
Seaside has received $2,009,930 in project tax credits from the LIHTC program. With one project, this translates to an average federal funding of $2,009,930 per project. The average federal funding per unit is $15,112. The city holds 0.07% of the total state LIHTC funding, indicating a modest share of California's affordable housing resources.
The sole LIHTC-funded project in Seaside is the Seaview Village Apartments, completed in 2019. This project marks the beginning of LIHTC-funded affordable housing in the city. The Seaview Village Apartments provide a diverse range of unit types, including 16 one-bedroom units, 36 two-bedroom units, 39 three-bedroom units, and 42 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes, with emphasis on larger households.
Over the past decade, Seaside has experienced demographic shifts. The population grew from 31,768 in 2010 to a peak of 34,121 in 2019, before declining to 32,749 in 2022. This recent population decrease might influence future affordable housing needs. Median income has shown an upward trend, rising from $61,320 in 2013 to $72,915 in 2022. This increase in median income could potentially affect the demand for affordable housing.
Racial demographics have remained relatively stable. Hispanic residents consistently comprise the largest group (around 42-45% of the population), followed by White residents (around 31-33%). The Asian population has remained steady at about 10%, while the Black population has slightly decreased from 9% to 6% over the decade. The completion of the Seaview Village Apartments in 2019 coincides with a period of population growth and increasing median income in the city. This timing suggests a proactive approach to addressing affordable housing needs during a period of economic growth.
Seaside's LIHTC-funded affordable housing inventory, while modest in size, represents a recent and significant investment in affordable housing. The Seaview Village Apartments project provides a diverse range of unit types to accommodate various household sizes. The city's demographic trends, including population fluctuations and increasing median income, may continue to shape the demand for affordable housing in the future. While the current LIHTC-funded inventory covers a small percentage of the city's estimated housing stock, it marks an important step in addressing affordable housing needs in Seaside.
