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South Lake Tahoe's LIHTC Program: Affordable Housing in a Mountain City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
South Lake Tahoe, a city in the Sierra Nevada mountains, has a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city possesses 253 total units in LIHTC-funded projects, with 183 designated as low-income units. This represents approximately 2.69% of the city's estimated housing stock of 9,399 units.
South Lake Tahoe has received $1,832,048 in project tax credits through the LIHTC program. With 5 projects, this equates to an average of $366,410 in federal funding per project. The average federal funding per unit is $7,241, based on the total of 253 units in LIHTC-funded projects. South Lake Tahoe holds 0.06% of California's total LIHTC funding, indicating a small but notable contribution to the state's affordable housing efforts.
The city's affordable housing development spans from 1994 to 2013. The first LIHTC project, Tahoe Pines Apts, was completed in 1994, and the most recent, The Aspens At South Lake, in 2013. The 2000s saw the most activity, with three projects completed: Bijou Woods Apts (2001), Kelly Ridge (2009), and The Aspens At South Lake (2013).
The LIHTC-funded housing inventory in South Lake Tahoe includes various unit types. The breakdown shows 35 one-bedroom units, 105 two-bedroom units, 80 three-bedroom units, and 6 four-bedroom units. This distribution suggests accommodation for various family sizes within the affordable housing framework.
South Lake Tahoe's population has remained relatively stable over the past decade, decreasing slightly from 24,607 in 2013 to 24,532 in 2022. The median income has increased from $55,398 in 2013 to $62,198 in 2022, with fluctuations in between.
The racial composition of South Lake Tahoe has changed. The white population, the majority, increased slightly from 61% in 2013 to 62% in 2022. The Hispanic population, the second-largest group, decreased from 30% to 26%. The Asian population increased from 3% to 6%, and residents identifying as two or more races increased from 2% to 4%.
These demographic shifts, particularly the increase in median income, may have influenced the demand for affordable housing in recent years. The last LIHTC project was completed in 2013, potentially indicating a shift in housing needs or priorities within the city.
South Lake Tahoe's LIHTC-funded affordable housing inventory represents a significant investment in addressing the city's housing needs. The five projects completed between 1994 and 2013 have provided 253 units, with 183 designated for low-income residents. The diverse mix of unit sizes suggests an effort to accommodate various household compositions. While the city's population has remained relatively stable over the past decade, changes in median income and racial composition may influence current and future affordable housing needs. The analysis emphasizes the importance of monitoring demographic trends and housing demands to ensure that affordable housing initiatives continue to meet the evolving needs of South Lake Tahoe's residents.
