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Affordable Housing in Zip Code 07065: LIHTC Projects and Demographic Trends in Rahway, New Jersey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 07065 in Rahway, New Jersey encompasses an area of 4.07 square miles with a population of 29,903 as of 2022. This zip code features a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 207 total units, including 73 designated low-income units. The LIHTC funded housing represents approximately 1.8% of the zip code's estimated 11,457 housing units.
The LIHTC projects in zip code 07065 have received $1,458,086 in project tax credits, averaging $7,043 in federal funding per unit. This funding accounts for 0.19% of New Jersey's total LIHTC allocation, indicating a small but notable contribution to the state's affordable housing efforts.
LIHTC development in this zip code spans from 2005 to 2018. The 2000s saw significant activity, with two projects completed in 2005: Rosegate Senior Housing and Rosegate #692. The most recent project, Rahway Residences For The Arts, was completed in 2018, adding an artistic component to the area's affordable housing inventory.
The affordable housing stock in zip code 07065 primarily consists of one-bedroom units, totaling 134. Additionally, there are 15 two-bedroom units, providing options for varied household sizes. Rosegate Senior Housing is a significant contributor to this inventory, offering 149 total units, including 15 low-income units.
Demographic trends in zip code 07065 show steady population growth from 27,991 in 2013 to 29,903 in 2022. Median income increased from $66,258 in 2013 to $83,117 in 2022. This income growth may suggest reduced affordable housing demand, but income inequality could persist.
Racial demographics in zip code 07065 have remained relatively stable with minor shifts. The White population decreased from 38% in 2013 to 32% in 2022, while the Asian population increased from 3% to 7%. The Black population remained at approximately 30%, and the Hispanic population fluctuated between 24% and 32% during this period.
In summary, zip code 07065 in Rahway, New Jersey maintains a modest LIHTC funded affordable housing inventory, comprising about 1.8% of the estimated housing stock. LIHTC development occurred from 2005 to 2018, with a focus on one-bedroom units. Despite population and median income growth over the past decade, racial demographics have remained relatively stable with minor shifts. The LIHTC projects in this zip code represent a small but significant portion of New Jersey's affordable housing efforts, contributing to housing diversity in the area.
