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Affordable Housing Analysis in Zip Code 03446: West Swanzey's LIHTC Funded Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
West Swanzey, located in zip code 03446 of New Hampshire, possesses a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The zip code area contains 114 total units in LIHTC funded projects, with 78 of these designated as low-income units. Based on the 2022 population of 6,814 and an estimated 2,611 housing units, the LIHTC funded affordable housing comprises approximately 4.4% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 03446 have received $128,893 in tax credits, averaging about $1,131 per unit when distributed across all 114 units. This funding represents 0.26% of New Hampshire's total LIHTC allocations, indicating a modest but significant investment in affordable housing for this area.
Affordable housing has been present in zip code 03446 for over two decades. The first LIHTC project, Riverbend Apts, was completed in 1997, while the most recent, Ashuelot River, was finished in 2015. The 2000s saw the most activity in affordable housing development, with three projects completed during this decade: West Swanzey Family (2003), Evergreen Knoll (2005), and Ashuelot River (2015).
The LIHTC funded projects in zip code 03446 offer a diverse range of unit types. There are 39 one-bedroom units, 43 two-bedroom units, and 23 three-bedroom units, catering to various household sizes and needs.
Over the past decade, zip code 03446 has experienced a slight population increase, growing from 6,552 in 2013 to 6,814 in 2022. Median income has fluctuated, rising from $57,641 in 2013 to $62,351 in 2022, with some variations in between. The racial composition has remained predominantly white, consistently above 90% throughout the decade, with small increases in Hispanic and multi-racial populations.
The completion of the Ashuelot River project in 2015 aligns with a period of relative population stability and gradual income growth in the area, suggesting a continued need for affordable housing options despite the overall economic improvements.
Zip code 03446 has maintained a consistent presence of LIHTC funded affordable housing over the past 25 years, with projects spanning from 1997 to 2015. While the current inventory covers a small percentage of the estimated housing units, it provides important housing options for low-income residents. The area's demographic trends, including a slight population increase and fluctuating median income, underscore the ongoing importance of these affordable housing units in meeting community needs.
