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Affordable Housing Analysis in Zip Code 03063: A Decade of LIHTC Presence in Nashua, 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 03063 in Nashua, New Hampshire contains 40 units in Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, with 4 units designated as low-income. Based on the 2022 population of 16,266 and an estimated 6,232 housing units, LIHTC funded affordable housing comprises approximately 0.64% of the zip code's estimated housing inventory.
The LIHTC project in zip code 03063 received $248,911 in tax credits, averaging $6,223 per unit. This funding represents 0.49% of New Hampshire's total LIHTC allocation. The Coliseum Seniors Residence Unit 2, completed in 2011, is the sole LIHTC project in the area, indicating over a decade of affordable housing presence in the zip code.
The project consists of 36 one-bedroom units and 4 two-bedroom units, suggesting a focus on smaller household sizes, potentially catering to seniors or small families.
Over the past decade, the population in zip code 03063 has remained relatively stable, fluctuating between 16,000 and 17,000 residents. The median income has increased significantly, rising from $83,394 in 2013 to $93,628 in 2022. This upward trend in income may indicate a growing need for affordable housing options to maintain economic diversity in the area.
Racial demographics in zip code 03063 have shifted slightly, with the white population decreasing from 83% in 2013 to 75% in 2022. There has been a modest increase in Asian, Black, and Hispanic populations, as well as those identifying as two or more races. This gradual diversification could suggest a need for culturally sensitive affordable housing options.
The LIHTC funded affordable housing in zip code 03063 represents a small portion of the overall housing inventory. With only one project completed in 2011, there may be opportunities for additional affordable housing development to meet the needs of the changing demographics and rising median income in the area. The focus on one and two-bedroom units in the existing project aligns with the trend of smaller household sizes, but future developments might consider a more diverse unit mix to accommodate various family structures within the community.
