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Affordable Housing Analysis in Zip Code 08873: LIHTC Funded Projects and Demographic Trends
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 08873 in New Jersey, which includes Six Mile Run, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This area has 465 units in LIHTC funded projects, with 382 designated as low-income units. Based on the 2022 population of 55,175 and an estimated 21,140 housing units, LIHTC funded affordable housing comprises approximately 2.2% of the estimated housing inventory in this zip code.
The LIHTC projects in zip code 08873 have received $9,164,003 in project tax credits, equating to about $19,708 in federal funding per unit. This zip code accounts for 1.22% of the total state LIHTC funding, indicating a notable concentration of affordable housing investment in this area.
The earliest LIHTC project in this zip code, Berry Street Commons, was completed in 2009, while the most recent identifiable project, Voorhees Station, was finished in 2014. This suggests at least five years of continuous affordable housing development in the area. The year 2011 saw the most affordable housing activity, with three projects completed: Parkside Family Housing, Franklin Boulevard Commons, and Parkside Senior Housing.
Over the past decade, the population in zip code 08873 has grown steadily, increasing from 50,452 in 2013 to 55,175 in 2022. During this period, the median income fluctuated, peaking at $104,527 in 2014 and declining to $95,242 in 2022. This trend might indicate an increasing need for affordable housing options.
The racial demographics in zip code 08873 have shown slight shifts, with the White population decreasing from 40% in 2013 to 32% in 2022, while the Hispanic population increased from 11% to 18% during the same period. The Black and Asian populations remained relatively stable at around 27-28% and 19% respectively. These changes in demographic composition may influence the demand for diverse affordable housing options.
Zip code 08873 has a notable LIHTC funded affordable housing presence, with 465 total units representing about 2.2% of the estimated housing inventory. The area has seen consistent development of affordable housing projects, particularly in 2011. While the population has grown over the past decade, median income has fluctuated, potentially indicating an ongoing need for affordable housing options. The changing racial demographics may also influence future affordable housing needs in this area.
