Affordable Housing in Zip Code 05753: Long-Term Commitment and Diverse Unit Types in Middlebury, Vermont
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
Zip code 05753 in Middlebury, Vermont, demonstrates a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 283 total units in LIHTC-funded projects, with 264 of these designated as low-income units. Based on the 2022 population of 10,802 and an estimated 4,139 housing units, the LIHTC-funded affordable housing represents approximately 6.8% of the zip code's estimated housing inventory.
The LIHTC projects in this zip code have received $2,094,812 in tax credits, averaging about $7,402 per unit. This funding represents 3.03% of Vermont's total LIHTC allocations, indicating a substantial investment in affordable housing for this area.
Affordable housing has been a long-standing feature of this zip code, with projects spanning from 1989 to 2017. The first LIHTC project, Sherlock Homes, was completed in 1989, while the most recent, Sugarwood Apartments, was finished in 2017. This 28-year span demonstrates a consistent commitment to affordable housing in the area.
The 1990s saw the most LIHTC project completions, with four projects finished during this decade. Notable projects from this period include Middlebury Commons (1990) and North Pleasant/Seymour (1998).
The LIHTC-funded housing in this zip code offers a diverse range of unit types. Of the 283 total units, there is 1 efficiency, 114 one-bedroom, 91 two-bedroom, 29 three-bedroom, and 3 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on smaller households.
Over the past decade, the zip code has experienced modest population growth, increasing from 10,209 in 2014 to 10,802 in 2022. The median income has also risen, from $69,454 in 2014 to $79,902 in 2022, indicating improving economic conditions for residents.
Racial demographics have shown a gradual shift towards increased diversity. The white population decreased from 90% in 2014 to 83% in 2022, while Asian, Black, Hispanic, and multiracial populations all saw slight increases. This demographic change may influence future affordable housing needs and development in the area.
Zip code 05753 in Middlebury, Vermont, has a significant LIHTC-funded affordable housing presence, representing about 6.8% of the estimated housing inventory. With projects spanning nearly three decades, the area has shown a consistent commitment to affordable housing. The diverse unit types cater to various household sizes, while the substantial tax credit allocation highlights the importance of these projects. As the area continues to grow and diversify, ongoing assessment of affordable housing needs will be crucial to maintain a balanced housing market.
