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Affordable Housing Analysis in Zip Code 07960: Low LIHTC Presence in Morristown, 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 07960, located in Morristown, New Jersey, has a population of 47,953 as of 2022. This area contains 13 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all of which are designated as low-income units. Based on the estimated housing inventory of 18,373 units, LIHTC-funded affordable housing represents approximately 0.07% of the total housing stock in this zip code.
The LIHTC program has invested $557,865 in tax credits for affordable housing projects in zip code 07960. With 13 total units funded, this translates to an average federal funding of about $42,913 per unit. This zip code accounts for 0.07% of the total LIHTC funding allocated to the state of New Jersey.
The first LIHTC project in zip code 07960, Morris Shelter Transitional Housing, was completed in 1997. The most recent projects, Abbett Avenue Apartments and its associated project, were both completed in 2008. This indicates that LIHTC-funded affordable housing has been present in the zip code for over a decade.
The 2000s saw the most LIHTC project activity, with two projects completed in 2008. These projects, both named Abbett Avenue Apartments, represent the majority of the LIHTC-funded units in the area.
Over the past decade, zip code 07960 has experienced a moderate population increase, growing from 45,814 in 2015 to 47,953 in 2022. The median income has also risen significantly, from $132,101 in 2015 to $141,189 in 2022. This upward trend in income might partially explain the lack of new LIHTC projects in recent years.
The racial composition of zip code 07960 has remained relatively stable, with the white population constituting about 69-70% of residents throughout the decade. The Hispanic population has slightly fluctuated, increasing from 17% in 2015 to 18% in 2019, before settling at 16% in 2022. The Asian and Black populations have remained consistent at around 5-6% each.
Zip code 07960 in Morristown, New Jersey, has a small but established LIHTC-funded affordable housing presence, with 13 units across three projects. These units represent a very small fraction (0.07%) of the estimated housing stock. The area has seen no new LIHTC projects since 2008, which may be related to the rising median income and relatively stable population demographics. The current LIHTC inventory in zip code 07960 is limited in meeting the typical need for affordable housing in a community.
