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Affordable Housing in Edgewater, New Jersey: LIHTC Funded Units Comprise Less Than 1% of Housing Stock
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Edgewater, located in New Jersey, is a small yet densely populated city along the Hudson River. The city has a total of 52 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all of which are designated as low-income units. Based on the estimated housing inventory of 5,515 units, the LIHTC funded affordable housing covers approximately 0.94% of the city's housing stock.
Edgewater has received $611,169 in project tax credits through the LIHTC program. With two approximate projects, this translates to an average federal funding of $305,584 per project and $11,753 per unit. The city holds 0.08% of the total state LIHTC funding.
The first LIHTC project in Edgewater, Edgewater Senior Citizen Housing, was completed in 2012, while the most recent project, Winterburn Gardens, was finished in 2016. This indicates that affordable housing through LIHTC has been present in the city for at least a decade. The 2010s saw the most affordable housing development in Edgewater, with both projects being completed during this period.
Edgewater Senior Citizen Housing provides 31 low-income units, while Winterburn Gardens offers 21 units. Detailed information about the types of units is not available for these projects.
Over the past decade, Edgewater's population has grown significantly, from 11,664 in 2013 to 14,394 in 2022, an increase of about 23%. During this period, the median income has also risen, from $110,218 in 2013 to $124,690 in 2022, suggesting an overall increase in prosperity.
The racial demographics of Edgewater have shifted noticeably. The Asian population has increased from 36% in 2013 to 41% in 2022, while the white population has decreased from 42% to 36% during the same period. The Hispanic population has remained relatively stable at around 13%, while the Black population has decreased slightly from 7% to 4%.
These demographic changes, particularly the rising median income, may indicate a reduced need for additional LIHTC funded affordable housing in recent years. However, other affordable housing programs may be addressing the needs of low-income residents in Edgewater.
Edgewater has a small but present LIHTC funded affordable housing inventory, with 52 units across two projects. While this represents less than 1% of the estimated housing stock, it is important to consider that other affordable housing programs may also be operating in the city. The LIHTC projects in Edgewater were developed in the 2010s, coinciding with a period of population growth and increasing median income. The changing racial demographics, particularly the growth in the Asian population, may have influenced the affordable housing landscape in the city. As Edgewater continues to evolve, ongoing assessment of affordable housing needs will be crucial to ensure a balanced and inclusive community.
