Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 92530 in Lake Elsinore, California contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 615 total units in LIHTC funded projects, with 535 designated as low-income units. Based on the estimated 23,169 housing units in the zip code, LIHTC funded affordable housing comprises approximately 2.65% of the total housing inventory.
The LIHTC projects in this zip code have received $5,135,626 in project tax credits, averaging about $8,350 per unit. This funding represents 0.17% of California's total LIHTC allocation, indicating a notable investment in affordable housing for this specific area.
Affordable housing has been present in this zip code for over two decades. The first LIHTC project, Villa Siena Apartments, was completed in 1997, while the most recent, Cottages At Mission Trail, was finished in 2021. The 2010s saw the most activity in affordable housing development, with four projects completed during this decade.
The housing units are diverse, catering to various family sizes. There are 82 one-bedroom units, 224 two-bedroom units, 249 three-bedroom units, and 6 four-bedroom units. This distribution suggests a focus on accommodating families of different sizes within the affordable housing inventory.
Two projects, Lakeview I and Lakeview II, both completed in 2011, specifically target the "At-Risk" population. This focus suggests a commitment to providing housing for individuals or families who may be particularly vulnerable to housing insecurity.
Over the past decade, the zip code has experienced population growth, increasing from 49,967 in 2010 to 60,472 in 2022. This growth coincides with the development of several LIHTC projects, indicating a response to increased housing demand.
Median income in the area has risen from $59,397 in 2013 to $69,118 in 2022. Despite this increase, the continued development of affordable housing suggests an ongoing need for low-income options.
The racial composition of the zip code has shifted slightly, with the Hispanic population increasing from 54% in 2013 to 60% in 2022, while the white population decreased from 37% to 29%. This demographic change may influence the need for culturally responsive affordable housing options.
Zip code 92530 in Lake Elsinore, California demonstrates a consistent commitment to affordable housing through LIHTC funded projects. With 615 total units, including 535 low-income units, these developments represent a small but significant portion of the area's housing inventory. The diverse unit sizes and targeted populations reflect efforts to meet varied housing needs. As the area continues to grow and evolve demographically, the ongoing development of affordable housing projects suggests a recognition of the persistent need for low-income housing options in this community.