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Affordable Housing in Zip Code 07416: Senior-Focused LIHTC Projects
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 07416 in Franklin, New Jersey, has a population of 5,860 as of 2022 and covers an area of 10.4 square miles. The Low-Income Housing Tax Credit (LIHTC) program has funded 94 affordable housing units in this zip code, all of which are designated as low-income units. Based on an estimated housing inventory of 2,245 units, the LIHTC-funded affordable housing covers approximately 4.19% of the zip code's housing stock.
The LIHTC projects in this zip code have received $878,340 in tax credits, averaging $9,344 per unit in federal funding. This represents 0.12% of the total LIHTC funding allocated to New Jersey, indicating a relatively small portion of the state's affordable housing investment.
The affordable housing inventory in this zip code consists of two projects, both completed in 2009. The projects, "Franklin Senior" and "Litc#0755 Franklin Senior Housing," mark the beginning of LIHTC-funded affordable housing in the area. The 2000s were the most active decade for affordable housing development in this zip code.
Over the past decade, the zip code has experienced some demographic shifts. The population decreased from 6,058 in 2014 to 5,860 in 2022, a decline of about 3.3%. The median income has shown an overall upward trend, rising from $76,041 in 2014 to $73,235 in 2022, with some fluctuations in between.
The racial composition of the zip code has also changed slightly. The white population decreased from 89% in 2014 to 80% in 2022, while the Hispanic population increased from 8% to 14% during the same period. The black population remained relatively stable at around 1-3%.
Given that the LIHTC projects were completed in 2009, these demographic changes occurred after the affordable housing was built. The focus on senior housing in these projects may have been a response to an aging population or anticipated needs at the time of development.
Zip code 07416 in Franklin, New Jersey, has a modest LIHTC-funded affordable housing inventory, covering about 4.19% of the estimated housing stock. The two projects, both completed in 2009 and focused on senior housing, received nearly $878,340 in tax credits. While the population has slightly decreased over the past decade, the median income has generally increased, and there has been a shift in racial composition with an increase in the Hispanic population. These demographic changes occurred after the LIHTC projects were completed, potentially indicating evolving housing needs in the area.
