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Tracy's LIHTC Affordable Housing: A Two-Decade Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Tracy, California, located in San Joaquin County, has a population of 97,328 as of 2022. The city has utilized the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing options. Tracy's LIHTC-funded affordable housing inventory comprises 318 total units, with 314 designated as low-income units.
The LIHTC-funded affordable housing units represent approximately 0.85% of the city's total housing stock, based on an estimated housing inventory of 37,290 units. This percentage suggests that while LIHTC has contributed to affordable housing in Tracy, there may be a need for additional affordable options to meet typical targets.
Tracy has received $1,294,759 in project tax credits through the LIHTC program. With five approximate projects, this equates to an average of $258,952 in federal funding per project. The average federal funding per unit is about $4,072. Tracy's LIHTC funding represents 0.04% of the total state credits allocated to California.
The city's involvement with LIHTC-funded affordable housing spans from 2000 to 2017. The first project, Stone Pine Meadow, was completed in 2000, while the most recent, Mountain View Townhomes, was finished in 2017. The 2000s saw the most activity, with four out of the five projects completed during this decade.
Tracy's LIHTC-funded housing stock includes 130 one-bedroom units, 68 two-bedroom units, 58 three-bedroom units, and 18 four-bedroom units. This distribution indicates a focus on smaller households, with a significant number of units suitable for individuals or couples.
Tracy has experienced steady population growth, increasing from 83,223 in 2010 to 97,328 in 2022. The median income has risen from $75,763 in 2013 to $113,083 in 2022, indicating overall economic improvement in the city.
Racial demographics have shifted, with increases in the Asian population (from 13% in 2013 to 22% in 2022) and fluctuations in the Hispanic population (39% in 2013, 44% in 2020, and back to 39% in 2022). The white population has decreased from 33% in 2013 to 28% in 2022. These changes in racial composition and income levels may influence future affordable housing needs and strategies in Tracy.
Tracy's LIHTC-funded affordable housing inventory has provided important low-income housing options over the past two decades. The city has seen significant demographic changes, including population growth and increased median income, which may impact future affordable housing needs. Ongoing assessment of affordable housing requirements will be crucial to ensure adequate options for all residents.
