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Affordable Housing in Jersey City Zip Code 07305: A Study of LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Jersey City's zip code 07305 contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, comprising 775 total units, of which 691 are designated as low-income units. This area has a history of affordable housing development spanning several decades.
The LIHTC-funded affordable housing represents approximately 2.79% of the total housing stock, based on an estimated 27,808 housing units in the zip code. This percentage suggests potential additional affordable housing needs or other programs supplementing the LIHTC inventory in this area.
The LIHTC program has invested significantly in this zip code, with project tax credits totaling $11,052,916. This equates to an average federal funding of $14,262 per unit. Zip code 07305 accounts for 1.48% of New Jersey's total LIHTC funding, indicating its importance in the state's affordable housing landscape.
Affordable housing has been a long-standing fixture in this community, with the earliest LIHTC projects, "31 Virginia Ave" and "Jewish Home And Rehab Center," completed in 1993. The most recent addition, "Dr Lena Francis Edwards," was completed in 2020, demonstrating nearly three decades of continuous affordable housing development.
The 2010s experienced the most significant affordable housing growth, with numerous projects completed. Notable developments during this period include "Ocean Pointe Senior" and "Ocean Pointe East And West" in 2010, "Fred W. Martin Apartments" in 2011, and "Ocean Green Senior Apartments" in 2015.
The LIHTC-funded projects include at least 104 one-bedroom units, catering to smaller households or individuals.
Over the past decade, the 07305 zip code has experienced demographic shifts. The population grew from 65,121 in 2015 to 72,580 in 2022, indicating increased housing demand. Median income fluctuated, rising from $59,750 in 2015 to $65,372 in 2022, suggesting a potential need for continued affordable housing options.
Racial demographics have evolved, with the Hispanic population increasing from 23% in 2015 to 27% in 2022, while the Black population decreased from 46% to 40% during the same period. The Asian and White populations have remained relatively stable. These changes may influence the diverse needs for affordable housing in the area.
The 07305 zip code in Jersey City demonstrates a consistent commitment to affordable housing through the LIHTC program. With 775 total units and significant federal investment, this area plays a crucial role in New Jersey's affordable housing landscape. The continuous development of LIHTC projects over nearly three decades, coupled with changing demographics and rising population, underscores the ongoing importance of affordable housing initiatives in this community. The current LIHTC inventory represents a small percentage of the total housing stock, providing a foundation for addressing affordable housing needs in this diverse and growing area.
