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Affordable Housing in Pyne Poynt: LIHTC Impact on Camden 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
Pyne Poynt, a neighborhood in Camden, New Jersey, exhibits a high concentration of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood contains 575 units in LIHTC-funded projects, with 574 designated as low-income units. Based on the 2022 population of 4,706 and the national average household size of 2.61, the estimated housing inventory for Pyne Poynt is approximately 1,803 units. LIHTC-funded affordable housing comprises about 31.9% of this estimated inventory, indicating a substantial contribution to the neighborhood's affordable housing needs.
The LIHTC program has made significant investments in Pyne Poynt, with project tax credits totaling $8,162,349. This equates to an average federal funding of approximately $14,195 per unit in LIHTC-funded projects. Affordable housing development in the neighborhood spans over a decade, with the first project, Cooper Waterfront Homes, completed in 1997, and the most recent, Meadows At Pyne Poynt, finished in 2011.
The 2000s saw the most affordable housing activity in Pyne Poynt, with several projects completed during this period. Notable developments include Riverview Homes and Northgate II, both completed in 2005, and multiple phases of the North Camden Land Trust project in 2009. The affordable housing inventory in Pyne Poynt is diverse, comprising 44 efficiencies, 219 one-bedroom units, 8 two-bedroom units, 29 three-bedroom units, and 29 four-bedroom units. This distribution suggests an effort to accommodate various household sizes and needs within the community.
Demographic trends in Pyne Poynt over the past decade reveal some shifts. The population has increased slightly from 4,490 in 2015 to 4,706 in 2022. Median income has fluctuated, peaking at $28,296 in 2018 before decreasing to $23,090 in 2022. These income levels indicate an ongoing need for affordable housing options in the neighborhood.
Racial demographics have remained relatively stable, with a predominant Hispanic population (74% in 2022) and a significant Black population (22% in 2022). The consistency in racial composition suggests that LIHTC projects have been serving a diverse community over time.
No new LIHTC projects have been completed in Pyne Poynt since 2011. This could be attributed to various factors, including changes in funding priorities or the perception that the neighborhood's affordable housing needs were being adequately met by existing projects.
Pyne Poynt demonstrates a substantial commitment to affordable housing through LIHTC-funded projects, which cover nearly a third of the estimated housing inventory. The neighborhood has benefited from a diverse range of affordable housing options, developed over more than a decade. While no new LIHTC projects have been completed in recent years, the existing inventory continues to serve the community's needs. The demographic trends, including population growth and income fluctuations, underscore the ongoing importance of maintaining and potentially expanding affordable housing options in Pyne Poynt to ensure housing stability for its residents.
