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Affordable Housing in Trenton: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Trenton, New Jersey's capital city, has a significant affordable housing inventory funded by the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded housing stock comprises 2,204 total units, with 1,992 designated as low-income units. This inventory represents approximately 6.4% of Trenton's estimated 34,352 housing units, contributing substantially to the city's affordable housing needs.
Trenton has received $17,509,959 in project tax credits through the LIHTC program, distributed across approximately 52 projects. This equates to an average federal funding of about $336,730 per project or roughly $7,944 per unit. The city's LIHTC funding accounts for 2.34% of New Jersey's total state credits, indicating a significant allocation of affordable housing resources to the capital city.
The development of affordable housing in Trenton spans nearly three decades. The earliest LIHTC projects, including Stockton Street Rehab #1 and Esperanza Apts., were completed in 1994. The most recent recorded projects are North 25, Trent Center East, and Trent Center West, all completed in 2016. The year 2012 saw the highest number of affordable housing project completions, including Escher Street SRO, Dunham Hall Residence, and Ujima Village.
Trenton's LIHTC-funded housing inventory offers diverse unit types, including 15 efficiencies, 36 one-bedroom units, 27 two-bedroom units, 37 three-bedroom units, and 3 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Demographic trends over the last decade show population growth in Trenton, increasing from 84,913 in 2011 to 89,658 in 2022. The median income has also risen, from $31,859 in 2014 to $52,508 in 2022. This income growth suggests an improving economic situation for some residents while highlighting the continued need for affordable housing options.
Racial demographics in Trenton have shifted between 2014 and 2022. The Black population decreased from 50% to 40%, while the Hispanic population increased from 35% to 44%. The White population decreased slightly from 13% to 10%. These demographic changes may influence future affordable housing development needs and cultural considerations.
In conclusion, Trenton's LIHTC-funded affordable housing inventory plays a crucial role in addressing the city's housing needs. While it does not fully meet the estimated demand for affordable housing, it provides a substantial foundation. The city has consistently developed affordable housing projects over nearly three decades, with a notable surge in 2012. As Trenton's demographics continue to evolve, ongoing assessment and development of affordable housing will remain important to meet the changing needs of its diverse population.
