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Nashua's LIHTC-Funded Affordable Housing: A Three-Decade Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Nashua, New Hampshire's second-largest city, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC-funded housing comprises 1,247 total units, with 884 designated as low-income units. This represents approximately 3.57% of Nashua's estimated housing inventory of 34,928 units.
Nashua has received $3,571,263 in project tax credits through the LIHTC program. With 16 projects, this translates to an average federal funding of $223,204 per project and $2,863 per unit. Nashua holds 7.08% of New Hampshire's total LIHTC funding, indicating a significant allocation for the city.
The city's affordable housing development spans over three decades. The first LIHTC project, One Clocktower Pl, was completed in 1988, and the most recent, Marshall Street Apartments, was finished in 2019. The 1990s saw the most affordable housing development, with six projects completed during this decade.
Nashua's LIHTC-funded housing inventory offers a diverse range of unit types. Of the 1,247 total units, there are 22 efficiencies, 348 one-bedroom units, 357 two-bedroom units, 42 three-bedroom units, and 1 four-bedroom unit. This distribution suggests a focus on accommodating various household sizes, with a preference for one and two-bedroom apartments.
Nashua's population has grown steadily, increasing from 86,570 in 2010 to 91,162 in 2022, a 5.3% growth. This growth may have contributed to the continued development of affordable housing projects. The median income has also risen significantly, from $62,808 in 2013 to $96,911 in 2022, potentially indicating a growing need for affordable housing options for lower-income residents.
Racial demographics have shown shifts, with the white population decreasing from 77% in 2014 to 67% in 2022. The Asian population increased from 5% to 9%, and the Hispanic population grew from 11% to 13% during the same period. This diversification may reflect changing housing needs and could influence future affordable housing developments.
Nashua's LIHTC-funded affordable housing inventory plays a crucial role in addressing the city's housing needs. The 1,247 units across 16 projects represent a significant portion of the city's affordable housing stock. The consistent development of LIHTC projects over three decades demonstrates a long-term commitment to affordable housing. As Nashua continues to grow and diversify, ongoing analysis of demographic trends and housing needs will be essential to ensure that affordable housing initiatives remain aligned with the community's evolving requirements.
