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Affordable Housing in Zip Code 06415: LIHTC's Impact on Colchester, 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 06415, located in Colchester, Connecticut, contains 253 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units, all designated as low-income, represent approximately 4.1% of the estimated 6,187 housing units in the area, based on the 2022 population of 16,149 and the national average household size of 2.61. This contribution to affordable housing is modest but significant in the suburban context of Colchester.
The LIHTC program has invested $204,117 in tax credits for affordable housing projects in this zip code, averaging about $807 per unit. This investment accounts for 0.19% of Connecticut's total LIHTC funding allocation, indicating a small but notable share of the state's affordable housing efforts. The presence of LIHTC-funded housing in zip code 06415 dates back to 1988 with the completion of Nutmeg Park Apts, and the most recent project, Amston Village LP, was completed in 2008.
The affordable housing stock in zip code 06415 primarily consists of one- and two-bedroom units, with 71 one-bedroom and 94 two-bedroom units. Additionally, there are 43 three-bedroom units, providing options for larger families. This distribution suggests an effort to accommodate diverse household sizes within the affordable housing inventory.
The population in zip code 06415 has remained relatively stable over the past decade, decreasing slightly from 16,829 in 2014 to 16,149 in 2022. During this period, the median income has shown an overall upward trend, rising from $106,983 in 2014 to $109,559 in 2022, with some fluctuations in between. The racial composition of the area has remained predominantly white, though there has been a slight decrease from 94% in 2014 to 91% in 2022. Small increases have occurred in the Hispanic population (from 2% to 3%) and the Black population (from 1% to 2%), while the Asian population has remained stable at around 1-2%.
No new LIHTC projects have been recorded in zip code 06415 over the last decade. This may be attributed to the relatively high median income and stable population, potentially indicating a reduced need for additional affordable housing in recent years. Despite this, the existing affordable housing stock continues to provide important options for lower-income residents in this predominantly white, suburban area.
In summary, the LIHTC program has contributed to housing diversity in zip code 06415 by providing 253 affordable units across five projects built over two decades. These units represent about 4.1% of the estimated housing inventory in an area characterized by high median income and stable demographics. While no new LIHTC projects have been developed in recent years, the existing affordable housing stock continues to play a crucial role in providing housing options for lower-income residents in this suburban Connecticut community.
