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Affordable Housing Analysis in Zip Code 03766: LIHTC Projects and Demographic Trends
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 03766 in Lebanon, New Hampshire, encompasses a diverse Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 61 units in LIHTC funded projects, with 25 designated as low-income units. Based on the 2022 population of 9,560 and the national average household size, an estimated 3,663 housing units exist in this zip code. LIHTC funded affordable housing represents approximately 1.67% of the estimated housing inventory in zip code 03766.
LIHTC projects in this zip code have received $407,753 in project tax credits, averaging about $6,685 per unit when divided by the total units in LIHTC funded projects. This zip code holds 0.81% of the total state LIHTC funding, indicating a modest contribution to New Hampshire's affordable housing efforts.
The initial LIHTC project in this zip code, Spencer Square, was completed in 2000, while the most recent, Rivermere Community Housing, was finished in 2013. This demonstrates a 13-year span of affordable housing development in the area. The 2010s saw the most recent affordable housing project completion with Rivermere Community Housing in 2013.
LIHTC funded projects in this zip code offer a mix of unit types, with 13 one-bedroom, 40 two-bedroom, and 8 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, zip code 03766 has experienced a gradual increase in population, growing from 8,673 in 2019 to 9,560 in 2022. The median income has fluctuated, reaching $79,744 in 2022. The racial composition has remained predominantly white, consistently above 85% throughout the decade, with slight increases in diversity, particularly in the Hispanic and multi-racial categories.
The completion of Rivermere Community Housing in 2013 aligns with a period of population growth and relatively stable median income in the area, suggesting a response to increased housing demand.
The LIHTC program has contributed to the affordable housing stock in zip code 03766, with projects spanning from 2000 to 2013. While the current LIHTC funded units represent a small percentage of the estimated housing inventory, they provide affordable options, particularly for small to medium-sized households. The demographic trends over the past decade, including population growth and income fluctuations, underscore the importance of maintaining and potentially expanding affordable housing options in this area.
