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Affordable Housing in Camden: LIHTC's Impact on a Historically Industrial City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Camden, New Jersey, a city with an industrial history located across the Delaware River from Philadelphia, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory includes 4,248 total units, with 3,675 designated as low-income units.
Based on the estimated housing inventory of 27,202 units, the LIHTC-funded affordable housing comprises approximately 15.6% of the city's housing stock. This percentage aligns with the target range of 15-20% for affordable housing in a well-balanced city.
Camden has received $53,777,709 in project tax credits through the LIHTC program. With approximately 70 projects, this translates to an average of $768,253 in federal funding per project. When divided by the total number of units, it amounts to about $12,660 in federal funding per unit. Camden holds 7.18% of New Jersey's total LIHTC funding, indicating a concentration of affordable housing resources in this city.
The LIHTC program has been active in Camden for over three decades, with the earliest projects dating back to 1991 and the most recent completed in 2020. The 1990s and 2000s saw substantial affordable housing development, with projects like Cooper St Apts, West Wynne, and Westfield Acres being established. The 2010s continued this trend with developments such as Market Fair, Branch Village Midrise, and Cooper Plaza.
Camden's LIHTC-funded housing stock offers a range of unit sizes to accommodate various household needs. The inventory includes 44 efficiencies, 223 one-bedroom units, 176 two-bedroom units, 209 three-bedroom units, and 29 four-bedroom units.
Camden's population has gradually declined from 77,331 in 2010 to 70,998 in 2022. The median income has increased from $22,043 in 2013 to $37,075 in 2022. This increase in median income still indicates a significant portion of the population that may qualify for affordable housing.
Racial demographics have shifted, with the Hispanic population growing from 46% in 2013 to 52% in 2022, while the Black population decreased from 45% to 38% during the same period. The Asian and White populations have remained relatively stable at around 2-3% and 4-5% respectively.
Camden's LIHTC-funded affordable housing inventory plays a crucial role in meeting the needs of its low-income residents. The city has leveraged federal resources to develop a substantial affordable housing stock that aligns with recommended targets. While the population has declined slightly, the improving median income and changing racial demographics suggest an ongoing need for affordable housing options to support the city's diverse community.
