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Affordable Housing Analysis in Zip Code 07734: LIHTC Funding and Demographic Shifts in Keansburg, 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 07734, located in Keansburg, New Jersey, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 298 units in LIHTC-funded projects, with 113 designated as low-income units. Based on the 2022 population of 12,760 and using the national average household size, there are approximately 4,889 housing units in this zip code. LIHTC-funded affordable housing comprises about 6.1% of the estimated housing inventory in the area.
The LIHTC projects in zip code 07734 have received $2,966,078 in tax credits, averaging $9,953 in federal funding per unit. This zip code accounts for 0.4% of the total state LIHTC funding, indicating a substantial investment in affordable housing for the area.
The presence of affordable housing in this zip code spans from at least 2005, with the completion of the Church Street Senior Housing project, to 2020 when the Keansburg Mixed Income project was completed. This 15-year period demonstrates a long-term commitment to affordable housing in the area. The most recent affordable housing development occurred in 2020 with the Keansburg Mixed Income project.
Over the last decade, the population in zip code 07734 has remained relatively stable, with minor fluctuations. The median income has increased significantly, rising from $60,967 in 2018 to $79,201 in 2022. This growth in median income may indicate changing economic conditions in the area.
Racial demographics have shifted over the past decade. The white population has decreased from 75% in 2018 to 69% in 2022, while the Hispanic population has increased from 12% to 16% during the same period. The Black population has also increased from 7% to 10%. These changes in racial composition may influence the need for diverse affordable housing options.
Zip code 07734 in Keansburg, New Jersey, has a notable LIHTC-funded affordable housing inventory, covering about 6.1% of the estimated housing stock. The area has received significant LIHTC funding, with projects spanning from 2005 to 2020. While the population has remained relatively stable, there have been notable increases in median income and shifts in racial demographics over the past decade. These changes may influence future affordable housing needs and development in the area.
