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Affordable Housing in Old Bridge: LIHTC Program Impact Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Old Bridge, New Jersey, has implemented the Low-Income Housing Tax Credit (LIHTC) program to support affordable housing. The city has 248 LIHTC-funded affordable housing units, all categorized as low-income units. These units represent approximately 2.1% of the city's estimated total housing inventory of 11,728 units, based on the 2022 population.
Old Bridge has received $2,290,990 in project tax credits through the LIHTC program. This funding is distributed across approximately 8 projects, resulting in an average federal funding of $286,374 per project or $9,238 per unit. The city's LIHTC funding accounts for 0.31% of the total state allocation, indicating a relatively small portion of New Jersey's overall affordable housing investment.
The LIHTC-funded affordable housing in Old Bridge was developed between 2005 and 2012. Notable projects include Maher Manor Apartments (2005) and Old Bridge Senior Apartments (2012). The majority of affordable housing projects were completed in the 2000s, with multiple developments in 2005 and 2006.
The projects appear to address diverse housing needs within the community. Two projects specifically target seniors: Maher Manor Senior Housing and Old Bridge Senior Apartments. The Chuck Costello Independent Living project focuses on housing for individuals with disabilities.
Old Bridge's population has shown a general upward trend, increasing from 28,603 in 2019 to 30,610 in 2022. The median income has also increased overall, rising from $113,068 in 2019 to $114,029 in 2022, with a peak of $121,493 in 2021.
Racial demographics have experienced slight shifts. The white population decreased from 70% in 2019 to 65% in 2022, while the Hispanic population increased from 13% to 15% during the same period. The Asian population remained relatively constant at 12-14%, and the Black population stayed steady at 3-4%.
Old Bridge's LIHTC-funded affordable housing comprises a small but significant portion of its housing inventory. The city has utilized federal funding to create 248 low-income units across approximately 8 projects, with an emphasis on senior housing and independent living for individuals with disabilities. The demographic trends indicate a growing and diversifying population with increasing median income, which may influence future affordable housing needs and development in the area.
