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Affordable Housing Analysis in Zip Code 03755: Hanover's LIHTC 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
Hanover, located in zip code 03755 of New Hampshire, has a population of 9,800 as of 2022. The area contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 138 total units, with 114 designated as low-income units. This represents approximately 3.7% of the estimated 3,755 housing units in the zip code.
The LIHTC program has invested $1,864,387 in total project tax credits in this zip code, averaging about $13,510 per unit in federal funding. This zip code accounts for 3.7% of the total LIHTC funding allocated to New Hampshire, indicating its significance in the state's affordable housing landscape.
The affordable housing development in this zip code spans over a decade. The first LIHTC project, Giles 1 & 2, was completed in 2008, and the most recent, Summer Park Phase 1, was finished in 2020. The 2010s saw the most activity in affordable housing development, with two projects completed during this period.
The LIHTC-funded units in zip code 03755 offer various housing options. The 138 total units consist of 36 one-bedroom units, 91 two-bedroom units, and 11 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
The population of zip code 03755 has experienced slight fluctuations over the past decade, peaking at 10,282 in 2021 before decreasing to 9,800 in 2022. The median income has shown significant variability, reaching a high of $174,974 in 2019 before declining to $90,118 in 2022. This recent decrease in median income could potentially indicate an increased need for affordable housing options.
The racial composition of zip code 03755 has become more diverse over the last decade. The percentage of white residents decreased from 83% in 2013 to 73% in 2022, while the Asian population increased from 9% to 10%, and the Black population from 2% to 4%. The Hispanic population also grew from 3% to 5%. This increasing diversity may suggest changing housing needs within the community.
Zip code 03755 has a modest LIHTC-funded affordable housing inventory, covering about 3.7% of the estimated total housing units. The area has seen consistent development of affordable housing over the past decade, with projects completed in 2008, 2016, and 2020. The recent decrease in median income, coupled with increasing racial diversity, may indicate an evolving need for affordable housing options in this community. The LIHTC program has played a significant role in addressing affordable housing needs in this area, accounting for 3.7% of New Hampshire's total LIHTC funding allocation.
