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Affordable Housing in Zip Code 05353: LIHTC Funded Inventory in Townshend, Vermont
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 05353, located in Townshend, Vermont, is a rural area with a population of 1,406 as of 2022. This zip code has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, consisting of 64 total units, of which 40 are designated as low-income units. Based on the estimated housing inventory of 539 units, the LIHTC funded affordable housing covers approximately 11.9% of the zip code's housing stock.
The LIHTC program has invested $622,650 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $9,729 per unit. Notably, this zip code accounts for 0.9% of the total state LIHTC funding, indicating a substantial investment in affordable housing for this rural area.
Affordable housing has been present in this zip code since 2007, with the most recent project completed in 2013. The projects completed include West River Valley Assisted Living, West River Valley Independent Living, and West River Valley Assisted Living Phase II. The 2000s saw the most affordable housing development activity in this area.
The affordable housing inventory in this zip code consists primarily of one-bedroom units (56) and a smaller number of two-bedroom units (8). This distribution suggests a focus on housing for smaller households or individuals.
Over the last decade, the population in this zip code has increased significantly, from 914 in 2019 to 1,406 in 2022. The median income has also risen, from $57,491 in 2019 to $72,427 in 2022. Despite these positive economic indicators, the presence of LIHTC projects suggests an ongoing need for affordable housing in the area.
The racial composition of the zip code has remained predominantly white, with a slight increase in diversity. The Hispanic population increased from 1% in 2019 to 3% in 2022, while the percentage of residents identifying as two or more races decreased from 4% to 3% in the same period.
Zip code 05353 in Townshend, Vermont, has a notable LIHTC funded affordable housing inventory, covering nearly 12% of the estimated housing stock. The area has seen significant investment in affordable housing, with projects completed between 2007 and 2013. Despite rising median incomes and population growth, the presence of these LIHTC projects indicates an ongoing commitment to providing affordable housing options in this rural community. The housing inventory primarily consists of one-bedroom units, suggesting a focus on accommodating smaller households or individuals.
