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Affordable Housing Analysis in Zip Code 07920: 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
Basking Ridge, located in zip code 07920 in New Jersey, has a population of 28,182 as of 2022. This zip code has a LIHTC-funded affordable housing inventory of 111 total units, with 110 designated as low-income units. Based on an estimated 10,798 housing units in the zip code, the LIHTC-funded affordable housing represents approximately 1.03% of the total housing stock.
The LIHTC projects in zip code 07920 have received $2,122,159 in project tax credits, averaging about $19,119 per unit in federal funding. This zip code holds 0.28% of the total state LIHTC funding, indicating a significant investment in affordable housing for the area. The first LIHTC project in this zip code, Valley Brook Village, was completed in 2013, suggesting that affordable housing through the LIHTC program has been present for about a decade.
Among the individual projects, Valley Brook Village Phase II has 49 low-income units, while Valley Brook Village contributes 61 low-income units. These projects demonstrate a commitment to providing affordable housing options in zip code 07920. The 2010s saw the most affordable housing projects completed in this zip code.
Over the past decade, zip code 07920 has experienced steady population growth, increasing from 27,034 in 2013 to 28,182 in 2022. The median income has also risen from $150,097 in 2013 to $157,949 in 2022, indicating overall economic growth in the area.
Racial demographics in zip code 07920 have shifted noticeably during this period. The Asian population has increased from 13% in 2013 to 23% in 2022, while the white population has decreased from 77% to 66%. The Hispanic population has seen a slight increase from 5% to 6%. These changes suggest growing diversity in the area, which may influence future affordable housing needs.
The LIHTC program has made a notable contribution to affordable housing in zip code 07920, with 110 low-income units across multiple projects. While this represents a small percentage of the total estimated housing stock, it provides crucial affordable options in an area with a high median income. The demographic shifts, particularly the increasing diversity and rising median income, may influence future affordable housing needs and development in this zip code.
