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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 08201 in Absecon, New Jersey, has a population of 10,122 as of 2022 and covers an area of 7.27 square miles. This zip code has a significant LIHTC-funded affordable housing inventory, with 168 total units in LIHTC-funded projects, of which 131 are designated as low-income units. Based on the estimated housing inventory of 3,878 units, the LIHTC-funded affordable housing covers approximately 4.3% of the zip code's housing stock.
The LIHTC projects in this zip code have received $1,913,025 in tax credits, averaging about $11,387 per unit. This zip code holds 0.26% of the total state LIHTC funding, indicating a modest but notable contribution to New Jersey's affordable housing efforts.
The affordable housing presence in this zip code spans several years, with the earliest recorded project, Clayton Mill Run, completed in 2016, and the most recent projects, Visions At Absecon Family and Visions At Absecon Senior, both completed in 2020. This suggests a concentrated period of affordable housing development in the late 2010s.
The 2020s saw the most affordable housing activity, with multiple projects completed in that year alone. This recent focus on affordable housing development indicates a growing recognition of the need for such housing in the area. Out of the total 168 units in LIHTC-funded projects, 36 are one-bedroom units. The breakdown of other unit types is not available, but this information suggests a mix of housing options to cater to different household sizes and needs.
Over the past decade, the zip code has experienced population growth, increasing from 9,371 in 2014 to 10,122 in 2022. The median income has fluctuated, with the most recent figure at $72,141 in 2022, down from a peak of $79,079 in 2013. This decline in median income could potentially indicate an increased need for affordable housing options.
Racial demographics have shifted slightly, with the white population decreasing from 69% in 2014 to 65% in 2022. Meanwhile, the Hispanic population has increased from 13% to 18%, and the Black population has risen from 8% to 10% during the same period. These changes in racial composition may reflect evolving housing needs in the community.
Zip code 08201 in Absecon, New Jersey, has seen significant investment in LIHTC-funded affordable housing, particularly in recent years. The 168 total units, with 131 low-income units, represent a modest but important portion of the estimated housing inventory. The concentration of project completions in 2020 suggests a recent push to address affordable housing needs. While the percentage of affordable housing is below the target of 15-20% for a well-balanced community, the LIHTC program has made a notable contribution to the area's housing stock. The demographic shifts, including population growth and changes in racial composition, along with fluctuating median income, underscore the ongoing importance of affordable housing initiatives in this zip code.