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Affordable Housing in Downtown Trenton: LIHTC's Impact on a Diverse Urban Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Downtown Trenton, New Jersey, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 205 total units in LIHTC-funded projects, all designated as low-income units. This inventory plays a crucial role in meeting community needs.
Based on the 2022 population of 4,144 and using the national average household size, the neighborhood has approximately 1,588 housing units. The 205 LIHTC-funded affordable units represent about 12.9% of this estimated housing inventory, indicating a significant contribution to the neighborhood's affordable housing stock.
The LIHTC program has invested substantially in Downtown Trenton, with project tax credits totaling $6,986,483. This translates to an average federal funding of approximately $34,081 per unit, demonstrating a considerable commitment to affordable housing in the area.
Affordable housing has been a long-standing feature of Downtown Trenton, with the earliest LIHTC projects completed in 1998. The most recent projects were completed in 2012, indicating a 14-year span of LIHTC-funded development in the neighborhood.
The 2010s saw the most significant affordable housing development activity, with multiple projects completed in 2010 and 2012. The LIHTC-funded housing stock in Downtown Trenton primarily consists of one-bedroom and two-bedroom units, with 6 one-bedroom and 55 two-bedroom units recorded. Additionally, there are 7 three-bedroom units, providing options for larger families.
Over the past decade, Downtown Trenton has experienced population growth, increasing from 3,342 residents in 2015 to 4,144 in 2022. This growth coincides with the completion of several LIHTC projects in the early 2010s, suggesting that affordable housing may have contributed to the neighborhood's population increase.
Median income in the neighborhood has fluctuated, with a notable decrease from $30,843 in 2013 to $24,008 in 2022. This trend underscores the ongoing need for affordable housing options in the area.
Racial demographics have remained relatively stable, with the Black population consistently representing the majority (around 70-77%) of residents. The Hispanic population has slightly decreased from 15% in 2015 to 11% in 2022, while the White population has remained relatively steady at 5-8%.
Downtown Trenton's LIHTC-funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, representing about 12.9% of the estimated housing stock. The area has seen consistent investment in affordable housing over a 14-year period, with particular activity in the early 2010s. The predominance of one and two-bedroom units suggests a focus on accommodating smaller households and families. The neighborhood's demographic trends, including population growth and fluctuating median income, highlight the ongoing importance of affordable housing in meeting community needs.
