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Affordable Housing Analysis in Zip Code 07060: Two Decades of LIHTC Development in Plainfield, New Jersey
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 07060, located in Plainfield, New Jersey, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 299 total units in LIHTC funded projects, with 244 of these designated as low-income units. Based on the 2022 population of 46,473 and an estimated 17,806 housing units, the LIHTC funded affordable housing comprises approximately 1.68% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 07060 have received $4,255,063 in tax credits, averaging about $14,231 per unit in federal funding. This zip code accounts for 0.57% of New Jersey's total LIHTC funding, indicating a modest but significant contribution to the state's affordable housing efforts.
Affordable housing has been present in this zip code since at least 1991, with the completion of the East Front Street Condominiums. The most recent project with a known completion date is East Front St Condominiums, finished in 2012. This demonstrates over two decades of affordable housing development in the area. The 2000s experienced the most affordable housing activity, with several projects completed during this decade, including Horizons At Plainfield in 2003 and Plainfield Tower West in 2008.
Over the past decade, zip code 07060 has experienced population growth, increasing from 42,558 in 2013 to 46,473 in 2022. The median income has also risen slightly, from $66,484 in 2013 to $68,955 in 2022. Notably, the Hispanic population has grown significantly, from 44% in 2013 to 57% in 2022, while the Black population has decreased from 31% to 25% during the same period. The White population has also seen a slight decrease from 17% to 13%.
Despite these demographic changes, there appears to have been limited new LIHTC development in recent years. This could be due to various factors, including changes in local housing policies, shifts in funding priorities, or the possibility that other affordable housing programs are addressing the community's needs.
Zip code 07060 has a modest but important LIHTC funded affordable housing inventory, covering about 1.68% of its estimated housing units. The area has seen LIHTC development spanning over two decades, with the most activity occurring in the 2000s. While the population has grown and become increasingly diverse over the past decade, particularly with a rise in the Hispanic population, recent LIHTC development appears to have slowed. This analysis provides insights into the affordable housing landscape of the zip code, highlighting the role of LIHTC in addressing housing needs within a changing demographic context.
