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Affordable Housing Analysis in Zip Code 08109: LIHTC Funded Projects in Merchantville, 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
The zip code 08109, located in Merchantville, New Jersey, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. As of 2022, this area has a population of 24,686 and an estimated housing inventory of 9,458 units. The LIHTC program in this zip code has contributed 216 total units, with 186 designated as low-income units. LIHTC-funded affordable housing comprises approximately 2.3% of the estimated housing inventory in zip code 08109.
The LIHTC projects in zip code 08109 have received $403,231 in tax credits, averaging about $1,867 per unit. This zip code holds 0.05% of New Jersey's total LIHTC funding, indicating a relatively small but notable contribution to the state's affordable housing efforts. The earliest recorded LIHTC project in this zip code was completed in 2003, while the most recent projects were finished in 2012. This suggests that affordable housing has been present in the area for at least 19 years.
The 2010s saw the most affordable housing activity, with multiple projects completed in 2012. The available unit breakdown shows 62 one-bedroom units and 12 two-bedroom units, indicating a focus on smaller households or individuals.
Over the past decade, the population of zip code 08109 has remained relatively stable, fluctuating between 23,000 and 24,700 residents. The median income has shown some volatility, ranging from around $64,000 to $77,000, with the most recent data (2022) showing $65,160.
Racial demographics in zip code 08109 have shifted notably. The white population decreased from 46% in 2019 to 36% in 2022, while the Black population increased from 19% to 23%, and the Asian population grew slightly from 6% to 8%. The Hispanic population has remained relatively stable at around 29-30%. These demographic changes, particularly the decrease in the white population and increases in minority populations, may reflect changing housing needs and could influence future affordable housing developments.
Zip code 08109 in Merchantville, New Jersey, has a modest but significant LIHTC-funded affordable housing presence, covering about 2.3% of the estimated housing inventory. The area has seen consistent affordable housing development from 2003 to 2012, with a focus on smaller units. Demographic shifts, including increasing diversity and fluctuating median income, may influence future affordable housing needs in this zip code.
