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Affordable Housing Analysis in Old Bridge, New Jersey, Zip Code 08857: LIHTC-Funded Units and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Old Bridge, located in New Jersey's zip code 08857, contains 248 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 1.61% of the total housing stock in this zip code, based on the 2022 population of 40,261 and an estimated 15,426 housing units.
The LIHTC projects in zip code 08857 have received $2,290,990 in project tax credits, averaging about $9,238 per affordable housing unit. This zip code accounts for 0.31% of New Jersey's total LIHTC funding allocation.
Affordable housing development in this community spans nearly two decades. The first LIHTC project, Maher Manor Apartments, was completed in 2005, while the most recent project, Old Bridge Senior Apartments, was finished in 2012. The mid-2000s marked the peak of affordable housing development activity, with multiple projects completed in 2005 and 2006.
The population in zip code 08857 has experienced moderate growth over the past decade, increasing from 39,163 in 2013 to 40,261 in 2022. The median income has remained relatively stable, ranging between $101,485 and $111,527 during this period.
Racial demographics in the zip code have shifted. The white population decreased from 69% in 2013 to 62% in 2022. The Hispanic population grew from 10% to 16%, while the Asian population remained relatively stable at 13-14%. These demographic changes may indicate an increasing need for diverse and inclusive affordable housing options.
Zip code 08857 in Old Bridge, New Jersey, maintains a modest LIHTC-funded affordable housing inventory, comprising 1.61% of the estimated total housing units. The area has received a significant portion of state LIHTC funding, with projects primarily developed in the mid-2000s. While the affordable housing stock has remained unchanged since 2012, demographic shifts, including population growth and increasing diversity, suggest a potentially evolving need for affordable housing options in the community.
