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Affordable Housing in Zip Code 07205: A Decade of LIHTC Development at Kean University
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 07205, located in New Jersey, encompasses Kean University and contains 4 Low Income Housing Tax Credit (LIHTC) funded affordable housing units. These units comprise the entire LIHTC inventory in the area. Based on the 2022 population of 21,653 and the national average household size of 2.61, the estimated total housing units in this zip code is approximately 8,296. The LIHTC funded affordable housing represents about 0.05% of the estimated housing inventory, indicating a minimal presence of affordable housing through this program in the area.
The LIHTC projects in zip code 07205 have received $56,307 in tax credits for affordable housing development. This equates to an average federal funding of $14,077 per unit. The zip code accounts for 0.01% of the total state LIHTC funding, suggesting a small concentration of LIHTC investments in this specific area.
The LIHTC funded affordable housing in zip code 07205 was developed in 2012, with two projects completed that year: South State Street, Lp and South State Street, Lp #369. This indicates that affordable housing through the LIHTC program has been present in the zip code for approximately one decade.
The population in zip code 07205 has remained relatively stable over the past decade, with a slight increase from 20,932 in 2012 to 21,653 in 2022. The median income has shown significant growth, rising from $72,973 in 2013 to $85,511 in 2022, potentially indicating a reduction in the need for affordable housing.
Racial demographics in zip code 07205 have shifted somewhat. The Black population decreased from 59% in 2013 to 48% in 2022, while the Hispanic population increased from 14% to 26% during the same period. The White population has remained relatively stable, fluctuating between 17% and 22% over the decade.
The analysis reveals that LIHTC funded affordable housing in zip code 07205 is limited, covering only a small fraction of the estimated housing inventory. The area received a modest amount of LIHTC funding, with projects completed in 2012. Despite stable population growth, the median income has increased significantly over the past decade, which may influence the demand for affordable housing. The racial composition of the area has seen some changes, with a notable increase in the Hispanic population and a decrease in the Black population.
