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Affordable Housing Analysis in Zip Code 07652: LIHTC Funded Units in Paramus, 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 07652 in Paramus, New Jersey, has a population of 26,551 as of 2022. This area is notable for its Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, which consists of 110 total affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 10,173 units, the LIHTC funded affordable housing covers approximately 1.08% of the zip code's housing stock.
The LIHTC program has invested $476,370 in tax credits for affordable housing projects in this zip code. With 110 total units, this translates to an average federal funding of $4,331 per unit. This zip code accounts for 0.06% of the total state LIHTC funding, indicating a relatively small but significant contribution to New Jersey's affordable housing efforts.
The first LIHTC project in this zip code was completed in 1997, with the most recent project finished in 2005. This demonstrates an 8-year span of affordable housing development in the area. The 1990s saw the most affordable housing activity, with two projects completed in 1997: Paramus Senior Citizens and Paramus Sr. Citizens. The most recent project, Paramus Affordable Housing, was completed in 2005.
Over the last decade, the population in this zip code has remained relatively stable, with minor fluctuations. The median income has shown an overall increasing trend, rising from $119,220 in 2015 to $125,796 in 2022. This suggests a growing affluence in the area.
Racial demographics have shifted slightly, with the Asian population decreasing from 25% in 2015 to 24% in 2022, while the white population decreased from 61% to 56% during the same period. The Hispanic population saw a modest increase from 10% to 14%.
No new LIHTC projects have been built in the last decade. This could be due to the area's high median income and relatively stable population, potentially indicating a reduced need for additional low-income housing in recent years.
Zip code 07652 in Paramus has a small but established LIHTC funded affordable housing inventory, covering about 1.08% of the estimated housing stock. The area received 0.06% of New Jersey's LIHTC funding, with projects spanning from 1997 to 2005. While the population has remained stable, the median income has increased, and racial demographics have shifted slightly over the past decade. The lack of recent LIHTC projects may reflect the area's changing socioeconomic landscape.
