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Affordable Housing in Zip Code 07432: LIHTC Investments in Midland Park, 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 07432, located in Midland Park, New Jersey, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 159 total units in LIHTC-funded projects, with 32 of these designated as low-income units. Based on the 2022 population of 6,919 and using the national average household size, there are approximately 2,651 housing units in this zip code. The LIHTC-funded affordable housing represents about 6% of the estimated housing inventory in the area.
The LIHTC program has made substantial investments in zip code 07432, with project tax credits totaling $289,007. This equates to an average federal funding of approximately $1,818 per unit across all LIHTC-funded projects. Zip code 07432 accounts for 0.04% of New Jersey's total LIHTC funding, indicating a modest but significant contribution to the state's affordable housing efforts.
LIHTC-funded affordable housing in zip code 07432 has been present since at least 2004, with two projects completed that year: Kentshire and The Kentshire #642. This indicates a consistent commitment to affordable housing in the area for nearly two decades. The 2000s marked the decade with the most affordable housing projects completed in this zip code.
Over the past decade, zip code 07432 has experienced slight fluctuations in population, with a peak of 7,210 residents in 2017 and a decrease to 6,919 by 2022. Median income has shown an overall upward trend, rising from $109,262 in 2013 to $131,251 in 2022, with some year-to-year variations. The racial composition has remained relatively stable, with a predominant white population (82% in 2022) and small increases in Hispanic (12% in 2022) and Asian (3% in 2022) populations.
Zip code 07432 in Midland Park demonstrates a consistent presence of LIHTC-funded affordable housing since 2004. The affordable units represent a small portion of the estimated housing inventory but play a crucial role in providing housing options for low-income residents. The area has seen modest population changes and increasing median income over the past decade, potentially influencing the need for affordable housing. The LIHTC program's investment in this zip code reflects ongoing efforts to maintain a diverse housing stock in an area with rising income levels.
