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Affordable Housing in Somerville: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Somerville, a neighborhood in Manchester, New Hampshire, exhibits a distinct affordable housing profile. The area contains one Low-Income Housing Tax Credit (LIHTC) funded project, providing 57 affordable units, all designated as low-income. Based on the 2022 population of 8,471 and an estimated 3,246 housing units, LIHTC-funded affordable housing comprises approximately 1.76% of the neighborhood's estimated housing inventory.
The LIHTC program has made a substantial investment in Somerville's affordable housing, with project tax credits totaling $687,388. This equates to an average federal funding of $12,058 per unit. The neighborhood's sole LIHTC project, Renaissance VIII (Silver Mill), was completed in 2007, representing over a decade of affordable housing presence in the area.
Renaissance VIII (Silver Mill) offers a variety of unit types, including 4 one-bedroom units, 4 two-bedroom units, 11 three-bedroom units, and 2 four-bedroom units. This distribution indicates an effort to accommodate various household sizes and needs within the community.
Somerville has experienced significant demographic changes over the past decade. The population increased from 7,467 in 2013 to 8,471 in 2022, indicating steady growth. Median income also rose from $55,523 in 2013 to $63,461 in 2022, suggesting an overall improvement in economic conditions.
Racial distribution trends show some changes. The white population percentage decreased from 70% in 2013 to 65% in 2022. The Hispanic population increased from 9% to 19% during the same period. The Asian population remained relatively stable, while the Black population showed slight variations.
These demographic shifts, particularly the increase in population and median income, may indicate a growing need for affordable housing options in the neighborhood. The rise in the Hispanic population could also suggest a need for culturally sensitive housing solutions.
Somerville's affordable housing landscape is characterized by a single LIHTC-funded project providing 57 low-income units. While this represents a small percentage of the estimated housing inventory, it contributes significantly to the neighborhood's affordable housing stock. The project's diverse unit mix caters to various household sizes, reflecting an attempt to meet different community needs.
As the community continues to evolve, ongoing assessment of housing affordability and accessibility will be crucial to ensure that the neighborhood can accommodate its diverse and growing population.
