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Affordable Housing Analysis in Zip Code 07052: Pleasantdale's LIHTC Contribution
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 07052, encompassing Pleasantdale in New Jersey, features a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area spans 12.18 square miles with an estimated population of 48,494 as of 2022. The LIHTC program has funded 255 units in this zip code, including 128 designated low-income units. These LIHTC-funded units represent approximately 1.37% of the estimated 18,580 housing units in the area.
LIHTC projects in zip code 07052 have received $2,276,231 in tax credits, averaging $8,926 per unit in federal funding. This allocation represents 0.3% of New Jersey's total LIHTC funding, indicating a modest yet significant contribution to the state's affordable housing efforts. The zip code contains three LIHTC-funded projects: Valley Road, Daughters of Israel, and West Orange Senior Housing.
Valley Road provides 55 low-income units, while Daughters of Israel contributes 9 low-income units out of its 135 total units. West Orange Senior Housing offers 64 low-income units out of its 65 total units, making it the project with the highest concentration of affordable housing in the zip code.
Zip code 07052 has experienced steady population growth over the past decade, increasing from 46,358 in 2013 to 48,494 in 2022. The median income has fluctuated, peaking at $127,129 in 2021 before decreasing to $106,834 in 2022. This recent decline in median income may indicate an increased need for affordable housing options.
Racial demographics in zip code 07052 have remained relatively stable, with minor shifts observed. The white population has decreased from 47% in 2013 to 43% in 2022, while the Hispanic population has increased from 19% to 20% during the same period. The Black population has remained consistent at approximately 26-27%. These demographic changes, though subtle, may influence the ongoing need for diverse and affordable housing options in the area.
Zip code 07052 demonstrates a modest but important contribution to affordable housing through its LIHTC-funded projects. With 255 total units, including 128 low-income units, these projects play a role in addressing the area's housing needs. The recent fluctuations in median income and subtle demographic shifts underscore the ongoing importance of maintaining and potentially expanding affordable housing options in this New Jersey community.
