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Affordable Housing Analysis in Zip Code 03894: LIHTC Projects in Wolfeboro, 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 03894 in Wolfeboro, New Hampshire, contains 48 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. This zip code, spanning 70.83 square miles with a population of 7,140 in 2022, has an estimated total housing inventory of 2,736 units. The LIHTC-funded affordable housing units constitute approximately 1.75% of the estimated total housing stock in the zip code.
The LIHTC projects in zip code 03894 have received $919,579 in tax credits, averaging $19,158 per unit. This funding represents 1.82% of New Hampshire's total LIHTC allocation. The zip code has two LIHTC-funded projects: Harriman Hill, completed in 2012, and Harriman Hill Apartments Phase 2, completed in 2014. These projects indicate a recent focus on affordable housing development in the area.
The affordable housing inventory in this zip code comprises 16 one-bedroom units, 24 two-bedroom units, and 4 three-bedroom units. This distribution suggests an emphasis on accommodating small to medium-sized households.
The population in zip code 03894 has increased slightly from 6,763 in 2013 to 7,140 in 2022. However, the median income has decreased significantly, from $77,753 in 2013 to $64,323 in 2022. This decline in median income may indicate an increasing need for affordable housing options in the area.
The racial composition of zip code 03894 has remained relatively stable, with the white population consistently comprising over 95% of residents. There has been a small increase in Hispanic residents, from 1% in 2013 to 3% in 2022, and a slight increase in residents identifying as two or more races.
The LIHTC program has made a notable contribution to the affordable housing inventory in zip code 03894, with two projects providing 48 low-income units. These units play a crucial role in addressing affordable housing needs, despite representing a small percentage of the estimated total housing stock. The recent completion of these projects, combined with the declining median income in the area, suggests a recognition of and response to evolving housing needs in the community. The diversity of unit sizes indicates an effort to accommodate various household compositions within the affordable housing framework.
