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Affordable Housing in Concord: LIHTC's Long-Term Impact on New Hampshire's Capital
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Concord, New Hampshire's capital city, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. As of 2022, Concord's population was 44,049. The city has 323 total units in LIHTC-funded projects, with 319 designated as low-income units. Based on an estimated housing inventory of 16,877 units, LIHTC-funded affordable housing comprises approximately 1.9% of the city's housing stock.
Concord has received $1,933,216 in project tax credits through the LIHTC program. With approximately 13 projects, this equates to an average of $148,709 in federal funding per project. The average federal funding per unit is about $5,986. Concord holds 3.83% of the total state LIHTC funding, indicating its significant role in New Hampshire's affordable housing initiatives.
The city's affordable housing development spans over three decades. The earliest project, "21 Spruce St," was completed in 1987, and the most recent known completion, "Mennino Place," occurred in 2011. The 2000s saw the most activity, with projects such as "Concord South End," "Horseshoe Pond," "Willow Crossing," and "Bicentennial Square" being completed.
The LIHTC-funded housing in Concord offers a range of unit types. There are 147 one-bedroom units, 106 two-bedroom units, 34 three-bedroom units, and 2 four-bedroom units. This distribution indicates an effort to accommodate various family sizes and needs within the affordable housing framework.
Over the past decade, Concord's population has grown steadily, increasing from 42,487 in 2014 to 44,049 in 2022. The median income has risen significantly, from $67,929 in 2014 to $81,404 in 2022, representing a 19.8% increase. This economic growth may have influenced the demand for affordable housing.
The racial composition of Concord has remained relatively stable. The white population decreased slightly from 90% in 2014 to 86% in 2022. There has been a modest increase in diversity, with small upticks in Asian, Black, and Hispanic populations. This gradual diversification may impact future affordable housing needs and planning.
Concord's LIHTC-funded affordable housing inventory, while modest compared to the overall housing stock, plays a crucial role in providing low-income housing options. The city has consistently invested in affordable housing over three decades, with significant activity in the 2000s. The diverse range of unit types suggests an effort to meet varying household needs. As Concord continues to grow and diversify, ongoing assessment and development of affordable housing will be essential to meet the evolving needs of its population.
