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Affordable Housing in Zip Code 07203: LIHTC Funded Units in Roselle, 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 07203 in Roselle, New Jersey, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 50 affordable housing units, all designated as low-income units. Based on the 2022 population of 22,482 and the national average household size, the estimated housing inventory is 8,614 units. LIHTC-funded affordable housing comprises approximately 0.58% of the zip code's estimated housing stock.
The LIHTC program has invested $524,807 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $10,496 per unit. Zip code 07203 accounts for 0.07% of the total LIHTC funding allocated to New Jersey.
The affordable housing presence in this zip code spans from 2009 to 2012. The earliest projects, both completed in 2009, were the Roselle Senior Residence Facility and Roselle Senior. The most recent project, First Avenue Project, was completed in 2012. The 2000s decade saw the most affordable housing projects completed in this zip code.
Among the individual projects, Roselle Senior has 46 low-income units, while the First Avenue Project added 4 more units to the affordable housing inventory.
Over the past decade, the zip code has experienced population growth from 21,187 in 2013 to 22,482 in 2022. The median income has fluctuated, increasing from $66,623 in 2013 to $67,486 in 2022, with some years seeing higher figures.
The racial composition of the zip code has shown shifts. The Black population decreased from 54% in 2013 to 44% in 2022, while the Hispanic population increased from 24% to 34% during the same period. The White population remained relatively stable, moving from 15% to 15% over the decade.
The LIHTC program has contributed to providing affordable housing in zip code 07203, adding 50 low-income units to the area's housing stock. This represents a small percentage of the estimated total housing units. The demographic trends show a growing and diversifying population, which may influence future affordable housing needs in this zip code.
