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Affordable Housing in Zip Code 01776: Low-Income Housing Tax Credit Projects in Maynard, Massachusetts
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 01776, encompassing Maynard, Massachusetts, had a population of 18,982 in 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 36 affordable housing units in this zip code, including 9 designated low-income units. Based on an estimated housing inventory of 7,273 units, LIHTC-funded affordable housing comprises approximately 0.49% of the zip code's housing stock.
The zip code contains three LIHTC-funded projects: Orchard Hill At Sudbury, Pri Longfellow Glen Llc, and The Coolidge At Sudbury. Orchard Hill At Sudbury, completed in 1999, is the earliest known LIHTC project in the area. This project accounts for all 36 affordable units, consisting of 1 efficiency and 35 one-bedroom units.
The limited number of LIHTC projects and their completion dates indicate that affordable housing development through this program has been relatively sparse in this zip code over the past two decades.
The population in this zip code has grown from 17,983 in 2013 to 18,982 in 2022, showing a steady increase. The median income has fluctuated but remained relatively high, ranging from $175,675 in 2016 to $198,101 in 2021. This high median income may partially explain the limited LIHTC development in recent years.
Racial demographics have shown some changes. The white population has decreased from 89% in 2013 to 81% in 2022, while the Asian population has increased from 6% to 10%. The Hispanic population has remained stable at around 2-3%. The black population has seen a slight increase from 0% to 2% during this period. These changes indicate a gradual diversification of the area.
The LIHTC program's impact on affordable housing in zip code 01776 has been limited, with only 0.49% of the estimated housing stock being LIHTC-funded affordable units. The area's high median income and relatively stable population growth may contribute to the limited recent LIHTC development. While racial diversity has increased slightly over the past decade, the impact on affordable housing needs is not immediately apparent from the available data. The community's affordable housing landscape may benefit from further assessment to determine if current LIHTC-funded units adequately meet local needs or if additional affordable housing initiatives should be considered.
