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Affordable Housing in Pennington-Prospect: LIHTC Impact on Trenton 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
The Pennington-Prospect neighborhood in Trenton, New Jersey, features a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 99 affordable units, all designated as low-income units, representing approximately 3.18% of the estimated 3,114 housing units in the area. This demonstrates a commitment to providing housing options for lower-income residents.
The LIHTC program has made substantial investments in Pennington-Prospect, with project tax credits totaling $3,183,447. This equates to an average federal funding of $32,156 per affordable unit. LIHTC projects in the neighborhood span from 2007 to 2012, indicating a five-year period of affordable housing development.
The earliest LIHTC projects in the neighborhood, including Trenton Prospect House and Patriot Village, were completed in 2007. The most recent projects, Ujima Village and Ujima Village #652, were finished in 2012. This suggests that affordable housing has been part of the neighborhood's landscape for at least 15 years. The 2000s decade saw the most affordable housing development activity in Pennington-Prospect, with multiple projects completed during this time.
Over the last decade, the neighborhood's population has experienced fluctuations, with a slight overall decrease from 8,419 in 2013 to 8,127 in 2022. The median income has shown volatility, increasing from $45,575 in 2013 to $47,987 in 2022, with peaks and troughs in between.
Regarding racial distribution, the neighborhood has maintained a predominantly Black population, consistently around 69-71% over the past decade. There has been a slight increase in the Hispanic population from 8% in 2013 to 10% in 2022, while the White population has remained relatively stable at around 17-19%.
The Pennington-Prospect neighborhood in Trenton, New Jersey, has a notable LIHTC funded affordable housing presence, with 99 low-income units representing about 3.18% of the estimated housing inventory. The LIHTC program has invested significantly in the area, with an average of $32,156 in federal funding per affordable unit. The neighborhood experienced LIHTC development activity primarily in the 2000s, with projects spanning from 2007 to 2012. While the population has slightly decreased over the past decade, the racial composition has remained relatively stable, with a predominantly Black population. The median income has shown fluctuation but has generally increased since 2013. These demographic trends provide context for the affordable housing landscape in Pennington-Prospect.
