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Affordable Housing in Franklin, New Hampshire: LIHTC's Impact on a Small City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Franklin, New Hampshire, has implemented affordable housing initiatives through the Low-Income Housing Tax Credit (LIHTC) program. The city currently maintains 87 affordable housing units, all classified as low-income. Based on the 2022 population of 8,746 and an estimated 3,351 housing units, LIHTC-funded affordable housing represents approximately 2.6% of the city's estimated housing inventory.
Franklin has received $754,000 in project tax credits for LIHTC-funded affordable housing. With three projects, this equates to an average of $251,333 in federal funding per project, or about $8,667 per unit. Franklin accounts for 1.5% of New Hampshire's total LIHTC funding, indicating a modest contribution to the state's affordable housing efforts.
The city's affordable housing development spans over two decades. The first LIHTC project, Cottage Hotel, was completed in 1994, and the most recent, Franklin Light And Power, was finished in 2017. The 1990s saw the highest activity in affordable housing development, with two projects completed during this period.
Franklin's LIHTC-funded housing inventory comprises 31 one-bedroom units and 50 two-bedroom units, accommodating various household sizes. The largest project, Franklin Light And Power, added 45 units to the city's affordable housing stock in 2017.
Franklin's population has remained relatively stable over the past decade, increasing slightly from 8,454 in 2014 to 8,746 in 2022. The median income has shown an overall upward trend, rising from $57,051 in 2014 to $66,021 in 2022, with some fluctuations. This increase in median income may indicate a growing need for affordable housing options to support lower-income residents.
The racial composition of Franklin has remained predominantly white, consistently above 90% throughout the decade. However, there has been a slight increase in diversity, with the percentage of residents identifying as two or more races growing from 1% in 2013 to 4% in 2022. This gradual shift in demographics may influence future affordable housing needs and planning.
Franklin's LIHTC-funded affordable housing inventory, while modest, plays a significant role in providing low-income housing options for its residents. The city has maintained a consistent commitment to affordable housing over the past three decades, with projects spanning from 1994 to 2017. The focus on one-bedroom and two-bedroom units suggests an effort to accommodate various household sizes within the low-income population. As Franklin's population and median income continue to evolve, ongoing assessment of affordable housing needs will be essential to ensure adequate support for all residents.
