Loading Content...
Affordable Housing in Northvale: LIHTC's Impact on a Small New Jersey Borough
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Northvale, located in New Jersey, has a population of 4,280 as of 2022. The city has two Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, providing a total of 29 low-income units. Based on the estimated housing inventory of 1,640 units, the LIHTC-funded affordable housing covers approximately 1.77% of the city's housing stock.
Northvale has received $530,043 in project tax credits through the LIHTC program. With two projects, this translates to an average federal funding of $265,021.50 per project. Dividing the total tax credits by the 29 total units results in an average federal funding of $18,277.34 per unit. Notably, Northvale holds 0.07% of the total state LIHTC funding.
The two LIHTC-funded projects in Northvale are Franklin Street Villas and Northvale Senior Residence. Franklin Street Villas was completed in 2016, marking the most recent addition to the city's affordable housing inventory. The completion year for Northvale Senior Residence is not available. The 2010s saw the completion of at least one affordable housing project in Northvale. All 29 units in LIHTC-funded projects in Northvale are designated as low-income units.
Over the past decade, Northvale's population has remained relatively stable, fluctuating between 4,280 and 4,495 residents. The median income in the city has shown variability, ranging from $101,495 in 2017 to $118,288 in 2018, with the most recent data showing $105,958 in 2022.
In terms of racial demographics, Northvale has experienced notable shifts. The white population has decreased from 65% in 2013 to 55% in 2022, while the Asian population has increased from 25% to 34% during the same period. The Hispanic population has grown slightly, from 7% in 2013 to 9% in 2022.
The completion of Franklin Street Villas in 2016 aligns with a period of relative stability in the city's population and income levels. The gradual increase in racial diversity may have influenced the decision to invest in affordable housing during this time.
Northvale's LIHTC-funded affordable housing inventory consists of 29 low-income units across two projects, representing 1.77% of the estimated housing stock. The city has received $530,043 in project tax credits, averaging $265,021.50 per project and $18,277.34 per unit. The demographic trends over the past decade, including a stable population, fluctuating median income, and increasing racial diversity, provide context for the development of affordable housing in Northvale.
