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Affordable Housing in Zip Code 08005: LIHTC Funding and Demographic Trends in Barnegat, 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 08005 in Barnegat, New Jersey, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 136 affordable units, all designated as low-income units. This number represents approximately 1.29% of the estimated 10,503 housing units in the zip code, based on the 2022 population of 27,414.
The LIHTC projects in zip code 08005 have received $7,627,624 in tax credits, averaging about $56,085 per unit in federal funding. This zip code accounts for 1.02% of the total state LIHTC funding, indicating a notable resource allocation to this area.
The development of affordable housing in this zip code spans from 2009 to 2016. The first LIHTC project, "Patriot's Cove," was completed in 2009, while the most recent, "Cornerstone At Barnegat Aka Barnegat Senior Apts," was finished in 2016. The year 2013 saw the highest affordable housing activity, with seven projects completed, including "Laurel Oaks Family Apartments" and "Whispering Hills."
Zip code 08005 has experienced steady population growth over the past decade, increasing from 23,796 in 2013 to 27,414 in 2022. The median income has fluctuated, rising from $77,534 in 2013 to $79,414 in 2022, with a peak of $89,493 in 2021.
Racial demographics in zip code 08005 have remained relatively stable. The white population has consistently represented about 85-87% of residents. There have been slight increases in diversity, with small growth in Hispanic and multiracial populations. The black population has fluctuated between 2-6% during this period.
The completion of LIHTC projects in 2013 and 2016 aligns with the period of population growth and relatively stable median incomes in zip code 08005. This suggests a response to increased housing demand and the need for affordable options in a growing community.
Zip code 08005 in Barnegat, New Jersey, has a modest but significant LIHTC-funded affordable housing presence, covering about 1.29% of the estimated housing inventory. The area has seen consistent development of affordable housing projects, particularly in 2013, with a total investment of over $7.6 million in tax credits. The percentage of affordable housing, while lower than ideal targets, represents a step towards addressing affordable housing needs in a growing community with relatively stable demographics and income levels.
