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Affordable Housing Analysis in Zip Code 07013: LIHTC Funding 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
Zip code 07013 in Clifton, New Jersey, contains 208 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This represents 1.78% of the estimated 11,704 total housing units in the 4.4 square mile area. The zip code has a population of 30,547 as of 2022.
The LIHTC projects in zip code 07013 have received $1,258,670 in tax credits, averaging $6,051 per unit. This accounts for 0.17% of New Jersey's total LIHTC funding. The affordable housing developments in this area were completed in 2008 and 2009, with two projects each providing 104 low-income units.
The 2000s were the most active period for affordable housing development in zip code 07013, with both LIHTC projects completed during this decade. The specific unit types within these projects are not available.
The population in zip code 07013 has increased from 26,798 in 2013 to 30,547 in 2022. Median income has risen from $93,646 in 2013 to $106,607 in 2022, with some fluctuations. Racial demographics have shown changes, with the white population decreasing from 62% to 56% and the Hispanic population increasing from 18% to 26% between 2013 and 2022. The Asian population has remained relatively stable at 11-13%.
No new LIHTC projects have been developed in zip code 07013 over the past decade. This may be attributed to factors such as the rising median income, which could have reduced the perceived need for additional affordable housing in the area.
Zip code 07013 in Clifton, New Jersey, has a modest LIHTC funded affordable housing inventory of 208 low-income units developed in the late 2000s. This represents a small percentage of the estimated housing stock but contributes to the area's affordable housing needs. The zip code has experienced population growth, increased median income, and shifts in racial demographics over the past decade. These changes may have influenced the lack of new LIHTC projects in recent years. Other affordable housing programs may be present in the area, contributing to the overall affordable housing landscape.
