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Affordable Housing in Zip Code 07830: A Study of LIHTC Development in Califon, 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
The zip code 07830 in New Jersey, which includes Califon, contains 18 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. All of these units are designated as low-income units. Based on the 2022 population of 7,343 and an estimated 2,813 housing units, the LIHTC-funded affordable housing represents approximately 0.64% of the zip code's estimated housing inventory.
The LIHTC program has invested $139,269 in tax credits for affordable housing projects in zip code 07830. This equates to an average federal funding of $7,737 per unit. This zip code accounts for 0.02% of the total LIHTC funding allocated to New Jersey. Affordable housing has been present in this zip code since 1995, with the completion of the Carriage Point At Old Bridge project. The most recent project, Carriage Pointe #402, was completed in 2012, indicating a 17-year span of LIHTC-funded affordable housing development in the area.
The 1990s saw the most significant affordable housing development in zip code 07830. All 18 units in the LIHTC-funded projects are designated as low-income units, demonstrating a focused effort to provide housing for lower-income residents.
Over the past decade, the population in zip code 07830 has remained relatively stable, fluctuating between 6,945 and 7,493 residents. The median income has shown some variability, ranging from a high of $159,009 in 2013 to $142,905 in 2022. This overall high median income might explain the limited number of LIHTC projects in the area.
The racial composition of zip code 07830 has remained predominantly white, though there has been a slight decrease from 94% in 2020 to 89% in 2022. There has been a small increase in racial diversity, with the Black population growing from 0% to 4% and the Asian population maintaining at 3% over the same period.
Zip code 07830 has a modest LIHTC-funded affordable housing inventory, with 18 units developed over nearly two decades. This represents a small portion of the estimated housing stock. The high median income and stable population suggest that the demand for low-income housing may be limited in this particular zip code. However, the slight increase in racial diversity in recent years could potentially influence future affordable housing needs and development in the area.
