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Affordable Housing in Zip Code 06070: A Factual Analysis of LIHTC-Funded Units in Simsbury Center, Connecticut
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 06070, located in Simsbury Center, Connecticut, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 70 affordable housing units, with 69 designated as low-income units. Based on the 2022 population of 15,181 and an estimated 5,816 housing units, LIHTC-funded affordable housing represents approximately 1.2% of the zip code's estimated housing inventory.
The LIHTC program has invested in this zip code, with project tax credits totaling $1,036,148. This equates to an average federal funding of about $14,802 per unit. Zip code 06070 accounts for 0.96% of Connecticut's total LIHTC funding, indicating a substantial allocation of resources to this area.
The affordable housing landscape in 06070 has developed over time. The earliest recorded LIHTC project, Eno Farms, was completed in 1993, while the most recent, Ojakian Commons, was finished in 2015. This 22-year span demonstrates a long-standing commitment to affordable housing in the area. The 1990s marked the beginning of affordable housing projects in this zip code.
The LIHTC-funded housing stock in 06070 is diverse, catering to various household sizes. Of the 70 total units, there are 38 one-bedroom units, 13 two-bedroom units, 8 three-bedroom units, and 2 four-bedroom units. This distribution suggests a focus on accommodating smaller households, with some provision for families as well.
Over the past decade, zip code 06070 has experienced demographic shifts. The population has remained relatively stable, with a slight decrease from 15,916 in 2018 to 15,181 in 2022. Median income has shown an upward trend, rising from $138,118 in 2018 to $141,044 in 2022, indicating growing affluence in the area.
Racial demographics have also evolved. The white population remains dominant but has decreased from 88% in 2018 to 81% in 2022. There has been an increase in diversity, with the Hispanic population growing from 5% to 8%, and the Black population from 2% to 4% during the same period.
Zip code 06070 in Simsbury Center, Connecticut, demonstrates a commitment to affordable housing through its LIHTC-funded projects. These units provide crucial low-income housing options. The area has seen steady development of affordable housing over two decades, with a mix of unit sizes to accommodate various household needs. Recent demographic trends, including rising median income and increasing diversity, may shape future affordable housing initiatives in this zip code.
