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Exeter's Affordable Housing: Two Decades of LIHTC Implementation in a Historic New Hampshire Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Exeter, New Hampshire, maintains 106 total units of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 99 designated as low-income units. This inventory represents approximately 2% of the city's estimated 5,298 housing units. The community has received $1,421,945 in project tax credits through the LIHTC program for affordable housing development. With approximately 6 projects, the average federal funding per project is $236,991, and the average federal funding per unit is about $13,415. Exeter holds 2.82% of New Hampshire's total LIHTC funding.
The city's affordable housing development spans over two decades, with the earliest recorded LIHTC project, Summer Street, completed in 1995, and the most recent, Three Meeting Place, finished in 2018. The 2010s saw the most activity in affordable housing development, with projects like One Meeting Place (2015) and Three Meeting Place (2018) being completed during this decade.
Exeter's LIHTC-funded housing inventory consists of 3 efficiencies, 55 one-bedroom units, and 35 two-bedroom units. This distribution indicates a focus on accommodating smaller households and individuals.
Demographic trends over the past decade show that Exeter has experienced modest population growth, increasing from 12,620 in 2010 to 13,827 in 2022. The median income has remained relatively stable, with the most recent data showing $81,420 in 2022. Racial diversity has slightly increased, with the white population decreasing from 95% in 2013 to 88% in 2022, while Asian, Hispanic, and multi-racial populations have seen small increases.
The development of LIHTC projects in Exeter appears to align with these demographic shifts, potentially responding to the growing population and evolving community needs. The steady median income levels suggest an ongoing need for affordable housing options to support lower-income residents.
In conclusion, Exeter has maintained a consistent approach to affordable housing development through the LIHTC program over the past few decades. While the current inventory represents a small portion of the city's estimated housing stock, it provides crucial support for low-income residents. The city's share of state LIHTC funding indicates a commitment to affordable housing that aligns with its population growth and changing demographics.
