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Affordable Housing in Zip Code 07480: Two Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 07480 in New Jersey, which includes Macopin, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 70 total units in LIHTC-funded projects, with 50 designated as low-income units. Based on the 2022 population of 14,632 and an estimated 5,606 housing units, LIHTC-funded affordable housing represents approximately 1.25% of the estimated housing inventory in this zip code.
The LIHTC program has invested $443,909 in tax credits for affordable housing projects in zip code 07480. With 70 total units funded, this translates to an average federal funding of about $6,341 per unit. This zip code holds 0.06% of the total state LIHTC funding, indicating a relatively small but significant contribution to New Jersey's affordable housing efforts.
The affordable housing presence in zip code 07480 spans nearly two decades. The first project, "Strengthen Our Sisters Trns Hs," was completed in 1993, and the most recent projects, "Lincoln Hill Village" and "Lincoln Hill Village #647," were both completed in 2012. The 2010s saw the most significant affordable housing development in this area.
Over the past decade, the population in zip code 07480 has shown a slight decline, from 16,027 in 2019 to 14,632 in 2022. The median income has remained relatively stable, fluctuating between $104,000 and $112,000. The racial composition has remained predominantly white, with a slight increase in diversity. The Hispanic population has remained around 8-11% throughout this period.
The stable median income and slight population decline may explain why no new LIHTC projects have been developed in the most recent years. However, the consistent Hispanic population percentage suggests a continued need for diverse housing options.
Zip code 07480 demonstrates a modest but important contribution to affordable housing through LIHTC-funded projects. With 70 total units, including 50 low-income units, these projects play a role in addressing housing needs in the area. The investment of over $440,000 in tax credits underscores the federal commitment to affordable housing in this community. While the percentage of LIHTC-funded units is relatively small compared to the estimated housing inventory, it represents a step towards meeting affordable housing needs. The demographic trends, including a stable median income and slight population decline, provide context for the current state of affordable housing development in this zip code.
