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Affordable Housing in Lebanon, NH: Two Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lebanon, New Hampshire, has implemented affordable housing initiatives through the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 266 total units, with 126 designated as low-income units. This inventory represents approximately 4.8% of the city's estimated 5,561 housing units.
Lebanon has received $1,513,771 in project tax credits through the LIHTC program. With approximately 8 projects, this equates to an average federal funding of $189,221 per project and $5,691 per unit. The city accounts for 3% of the total state LIHTC funding, indicating its substantial role in New Hampshire's affordable housing efforts.
The development of LIHTC-funded affordable housing in Lebanon spans from 1999 to 2019. The first project, Quail Hollow Phase I, was completed in 1999, while the most recent, Tracy Street Apartments, was finished in 2019. The 2010s witnessed the most significant activity in affordable housing development, with projects such as Rivermere Community Housing (2013), Quail Ridge Senior Living (2015), and Tracy Street Apartments (2019) being completed.
The housing unit distribution shows a preference for smaller units, with 157 one-bedroom units and 83 two-bedroom units. Additionally, there are 8 three-bedroom units, accommodating various household sizes and needs.
Lebanon's population has grown steadily over the past decade, increasing from 13,124 in 2010 to 14,515 in 2022, representing a 10.6% growth. This population increase may have contributed to the demand for additional affordable housing options. The median income has remained relatively stable, ranging from $73,995 to $84,410 between 2013 and 2022, suggesting a consistent need for affordable housing options.
Racial demographics indicate that Lebanon has maintained a predominantly white population, consistently above 80% throughout the decade. However, there has been a slight increase in diversity, with small but growing percentages of Asian, Black, and Hispanic residents. This gradual diversification may influence future affordable housing needs and designs.
Lebanon's LIHTC-funded affordable housing inventory represents a significant contribution to the city's housing landscape, covering nearly 5% of the estimated housing stock. The city has effectively utilized federal funding to create diverse affordable housing options over the past two decades. With steady population growth and relatively stable median incomes, the demand for affordable housing is likely to continue. The gradual increase in racial diversity may also shape future affordable housing initiatives in Lebanon, ensuring that the needs of all community members are addressed.
