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Walnut Creek's LIHTC Affordable Housing: A Sustained Commitment Amidst Urban Growth
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Walnut Creek, a California city known for its downtown and Mount Diablo proximity, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 400 total units, with 325 designated as low-income. This comprises approximately 1.51% of the city's estimated 26,425 housing units.
Walnut Creek has received $5,623,807 in project tax credits for affordable housing through the LIHTC program. With approximately 9 projects, this averages $624,867 in federal funding per project. The average federal funding per unit is $14,060. Walnut Creek holds 0.18% of California's total LIHTC funding, indicating a significant contribution to the state's affordable housing efforts.
The city's LIHTC funded affordable housing development began in 2001 with the Tice Oaks project and continued through 2019 with St. Pauls Commons. This 18-year span demonstrates a sustained commitment to affordable housing development in Walnut Creek. The 2010s saw the most activity, with notable projects including Third Avenue Apartments (2015), The Oaks Apartments (2016), Riviera Family Apartments (2018), and St. Pauls Commons (2019).
The LIHTC funded housing inventory in Walnut Creek includes a diverse mix of unit types. Out of the 400 total units, there are 12 efficiencies, 140 one-bedroom units, 53 two-bedroom units, 54 three-bedroom units, and 2 four-bedroom units. This distribution suggests a focus on accommodating various household sizes and needs. St. Pauls Commons, completed in 2019, targets persons with HIV/AIDS, addressing the unique needs of a vulnerable population.
Walnut Creek's population grew from 65,232 in 2011 to 68,969 in 2022. The median income increased from $75,759 in 2013 to $106,141 in 2022. This income increase might suggest a growing need for affordable housing options for lower-income residents. The racial composition has remained relatively stable, with a slight increase in diversity. As of 2022, the population was 63% White, 15% Hispanic, 13% Asian, and 5% Two or More Races.
Walnut Creek's LIHTC funded affordable housing inventory represents a consistent effort to provide affordable options. The city has leveraged federal funding to create a diverse range of unit types, including specialized housing for vulnerable populations. As Walnut Creek continues to grow and evolve demographically, ongoing affordable housing development will be crucial in maintaining a balanced and inclusive community.
