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Affordable Housing Analysis in Zip Code 03055: LIHTC Investments and Population Growth in Milford, New Hampshire
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 03055 in Milford, New Hampshire, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This zip code area covers 24.88 square miles and had an estimated population of 15,851 in 2022. The LIHTC program has supported the development of 57 total units, with 12 designated as low-income units. Based on the estimated 6,073 housing units in the zip code, LIHTC-funded affordable housing represents 0.94% of the total housing inventory.
The LIHTC program has invested $800,000 in project tax credits for affordable housing in zip code 03055. This equates to an average federal funding of $14,035 per unit across all LIHTC-funded projects. This zip code accounts for 1.59% of the total LIHTC funding allocated to New Hampshire, indicating a significant investment in this area relative to the state's overall allocation.
The affordable housing development in this zip code spans from 2005 to 2014. The earliest project, Milford Mills Phases I & II, was completed in 2005, and the most recent, Pine Valley Lofts, was finished in 2014. The 2010s saw the most substantial development of affordable housing in this area. The LIHTC-funded projects in this zip code predominantly feature one-bedroom units (42) and two-bedroom units (15), suggesting a focus on housing for smaller households or individuals.
Zip code 03055 has experienced steady population growth, increasing from 14,557 in 2010 to 15,851 in 2022. The median income has generally trended upward, reaching $84,702 in 2022. The racial composition has remained predominantly white, though there has been a slight increase in diversity, particularly in the Asian and Hispanic populations.
The completion of the Pine Valley Lofts project in 2014 aligns with a period of population growth and rising median incomes in the area. This suggests that the LIHTC project may have been developed in response to growing housing needs and increasing housing costs in the community.
The LIHTC program has contributed 57 units to the housing stock in zip code 03055. While this represents a small percentage of the total estimated housing units, it signifies an investment in affordable housing for the community. The focus on one and two-bedroom units indicates an effort to address the needs of smaller households. The demographic trends of population growth and increasing median income over the past decade provide context for the development of these affordable housing projects, suggesting a response to changing community needs.
