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Affordable Housing Analysis in Zip Code 08534: Pennington's LIHTC Inventory
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 08534, located in Pennington, New Jersey, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 15 total affordable units, all of which are designated as low-income units. Based on the 2022 population of 11,900 and using the national average household size, there are approximately 4,559 housing units in this zip code. The LIHTC funded affordable housing represents about 0.33% of the estimated housing inventory in the zip code.
The LIHTC program has provided $561,550 in tax credits for affordable housing projects in zip code 08534. This translates to an average federal funding of $37,437 per unit. This zip code accounts for 0.07% of the total LIHTC funding allocated to New Jersey. All three LIHTC projects in this zip code were completed in 2006, indicating a concentrated effort to develop affordable housing during that year. The projects are Hopewell Gardens #710, Hopewell Village, and Hopewell Gardens. Hopewell Village is the only project with specific unit data available, accounting for all 15 low-income units in the zip code.
Over the past decade, zip code 08534 has experienced slight fluctuations in population, with a peak of 12,372 residents in 2014 and a recent count of 11,900 in 2022. The median income has shown some variability, reaching a high of $165,110 in 2013 and settling at $138,303 in 2022. This relatively high median income might explain the limited LIHTC development since 2006.
Racial demographics in zip code 08534 have shifted somewhat, with the white population decreasing from 80% in 2013 to 72% in 2022. Conversely, the Asian population has increased from 10% to 20% during the same period. The Black and Hispanic populations have remained relatively stable at around 2% and 4% respectively.
Zip code 08534 in Pennington, New Jersey, has a small LIHTC funded affordable housing inventory, with 15 low-income units developed in 2006. These units represent a small fraction of the estimated housing stock. The area has maintained a high median income over the past decade, which may contribute to the lack of recent LIHTC developments. Despite demographic shifts, the affordable housing inventory has remained unchanged since 2006, suggesting that other factors may be influencing the development of LIHTC funded housing in this zip code.
