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Affordable Housing in Zip Code 05488: LIHTC-Funded Inventory in Swanton, 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 05488, encompassing Swanton, Vermont, is a rural area with a population of 7,951 as of 2022. This zip code contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 96 total units, with 60 units designated as low-income. The LIHTC-funded affordable housing represents approximately 3.15% of the estimated 3,046 housing units in the zip code.
The LIHTC projects in zip code 05488 have received $312,420 in tax credits, averaging $3,254 per unit in federal funding. This amount constitutes 0.45% of Vermont's total LIHTC funding, indicating a modest investment in affordable housing for this area. The presence of affordable housing in this zip code spans over two decades, with the first LIHTC project, Village Apts, completed in 1989 and the most recent, Abenaki Acres, finished in 2012.
The LIHTC-funded housing in zip code 05488 offers a range of unit types. The 96 total units comprise 16 efficiencies, 35 one-bedroom, 20 two-bedroom, 14 three-bedroom, and 2 four-bedroom units. This variety accommodates different household sizes and needs within the community.
The population in zip code 05488 has remained relatively stable over the past decade, fluctuating between 7,672 and 8,391 residents. The median income has shown an upward trend, increasing from $56,501 in 2013 to $67,815 in 2022. This rise in median income may indicate a growing need for affordable housing options to support lower-income residents.
The racial demographics of zip code 05488 have remained predominantly white, consistently above 90% throughout the decade. There has been a slight increase in diversity, with small increases in Asian and multi-racial populations. This demographic stability may explain the consistent, though limited, development of affordable housing projects over the years.
Zip code 05488 has maintained a steady presence of LIHTC-funded affordable housing over the past three decades. The current inventory covers a small percentage of the total estimated housing units but provides a variety of unit types to meet diverse needs. The area has experienced gradual income growth and slight increases in diversity, which may influence future affordable housing needs. The consistent development of LIHTC projects over time suggests an ongoing commitment to providing affordable housing options in this rural Vermont community.
