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Affordable Housing Analysis in Zip Code 03220: LIHTC Funding and Housing Mix in Belmont, 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 03220 in Belmont, New Hampshire, has a population of 7,628 as of 2022. This area features Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consisting of 43 total units, all of which are designated as low-income units. Based on an estimated housing inventory of 2,923 units in the zip code, the LIHTC funded affordable housing covers approximately 1.47% of the total housing stock.
The LIHTC program has invested $714,616 in tax credits for affordable housing projects in this zip code. With 43 total units, this translates to an average federal funding of about $16,619 per unit. Notably, this zip code accounts for 1.42% of the total LIHTC funding allocated to New Hampshire.
Affordable housing has been present in this zip code since at least 2003, with the completion of Sandy Ledge Housing. The most recent project, Maple Hill Acres, was completed in 2008, indicating a five-year span of LIHTC funded development in the area. The 2000s saw the most affordable housing activity in this zip code.
The housing mix in these LIHTC projects consists of 20 two-bedroom units and 23 three-bedroom units, suggesting a focus on accommodating families or households requiring more space.
Over the past decade, the population in this zip code has remained relatively stable, fluctuating between approximately 7,500 and 7,700 residents. Median income has shown some variability, ranging from about $63,000 to $75,000. The racial composition has been predominantly white, consistently above 90% throughout the period.
The lack of new LIHTC projects since 2008 could be related to the relatively stable population and income levels, which may indicate a reduced need for additional affordable housing units in recent years.
Zip code 03220 in Belmont, New Hampshire, has a modest LIHTC funded affordable housing inventory, covering about 1.47% of the estimated housing stock. The area received significant LIHTC investment in the 2000s, with two projects completed between 2003 and 2008. The housing mix focuses on two and three-bedroom units, potentially catering to families. While the LIHTC funded inventory represents a small portion of the overall housing stock, it contributes to addressing affordable housing needs in the area. The stable demographic trends in recent years may explain the absence of new LIHTC projects since 2008.
