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Affordable Housing Analysis in Zip Code 20877: LIHTC Projects in Gaithersburg, Maryland
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 20877 in Gaithersburg, Maryland, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 918 units in LIHTC-funded projects, with 782 designated as low-income units. Based on an estimated housing inventory of 15,121 units, LIHTC-funded affordable housing comprises approximately 6.1% of the zip code's housing stock.
The LIHTC projects in zip code 20877 have received $2,262,857 in tax credits, averaging about $2,466 per unit in federal funding. This represents 1.56% of Maryland's total LIHTC funding, indicating a notable investment in affordable housing for this area.
Affordable housing has been a consistent feature of zip code 20877, with projects spanning from 1999 to 2018. The earliest project, "The Willows," was completed in 1999, while the most recent, "Hillside Senior Living," was finished in 2018. This nearly two-decade span demonstrates a sustained commitment to affordable housing in the area.
The 2000s saw the most activity in affordable housing development, with three projects completed in the early part of the decade: "Oaks At Olde Towne" and "Parklane Apts" in 2002, followed by "Forest Oak Towers Apts" in 2008. The 2010s continued this trend with two more projects: "The Crossing At Olde Towne" in 2017 and "Hillside Senior Living" in 2018.
The LIHTC-funded projects in zip code 20877 offer a diverse range of unit types. There are 151 one-bedroom units, 188 two-bedroom units, 83 three-bedroom units, and 12 four-bedroom units, catering to various household sizes and needs.
Over the past decade, the population in zip code 20877 has shown overall growth, increasing from 35,068 in 2013 to 39,467 in 2022. This 12.5% population increase suggests a growing demand for housing, including affordable options.
The median income in zip code 20877 has risen from $77,455 in 2013 to $80,410 in 2022, representing a 3.8% increase. Despite this growth, the continued development of affordable housing projects indicates an ongoing need for low-income housing options.
Racial demographics in zip code 20877 have shifted slightly, with the Hispanic population showing the most significant increase from 33% in 2013 to 41% in 2022. The white population decreased from 30% to 21% during the same period, while other racial groups remained relatively stable. These changes may influence the diverse housing needs of the community.
Zip code 20877 in Gaithersburg, Maryland, demonstrates a consistent commitment to affordable housing through LIHTC-funded projects. With 918 total units, including 782 low-income units, these projects represent a significant portion of the area's housing stock. The continuous development of affordable housing over nearly two decades, coupled with population growth and demographic shifts, underscores the ongoing importance of these projects in meeting the community's housing needs. While the LIHTC-funded units cover about 6.1% of the estimated housing inventory, they play a crucial role in providing affordable options in an area with rising median income and changing racial composition.
