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Affordable Housing Analysis: Zip Code 07016's Unique LIHTC Landscape in Cranford, 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 07016 in Cranford, New Jersey, presents a distinctive scenario in Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area, with a population of 23,823 in 2022, contains one affordable housing unit, which is designated as a low-income unit. Based on the estimated 9,128 housing units in the zip code, LIHTC-funded affordable housing constitutes approximately 0.01% of the total housing inventory.
The LIHTC program has allocated $672,666 in tax credits for affordable housing projects in this zip code. With only one unit funded, this equates to an average federal funding of $672,666 per unit, representing a substantial investment in affordable housing. This zip code accounts for 0.09% of the total LIHTC funding allocated to New Jersey.
The presence of affordable housing in this zip code dates back to 1993, with two notable projects: Cranford Lincoln Senior Housing and Cranford Lincoln Apartments #207. Both projects were completed in 1993, marking the inception of LIHTC-funded affordable housing in this area. The 1990s witnessed the most affordable housing development activity in this zip code.
Over the past decade, the population in this zip code has exhibited a slight increase, growing from 22,918 in 2013 to 23,823 in 2022. The median income has also risen, from $127,702 in 2013 to $139,925 in 2022, indicating a generally affluent area.
Racial demographics have remained relatively stable, with a predominantly white population (87% in 2022). There has been a small increase in Asian representation (from 2% in 2013 to 4% in 2022) and a slight decrease in the Hispanic population (from 5% in 2013 to 6% in 2022). The limited LIHTC development in recent years may be influenced by the area's high median income and stable demographics.
The zip code 07016 in Cranford has a minimal LIHTC-funded affordable housing presence, with one unit developed in 1993. Despite significant per-unit investment, affordable housing represents a very small fraction of the estimated housing inventory. The area's high median income and stable demographics may contribute to the limited recent LIHTC development. This analysis provides insights into the affordable housing landscape in this zip code, highlighting the historical LIHTC investments and their relationship to local demographic trends.
