Loading Content...
Affordable Housing in Zip Code 08054: Two Decades of LIHTC-Funded Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 08054, located in Ramblewood, New Jersey, contains 224 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This total represents the entirety of low-income units in the area. The zip code spans 22.28 square miles and had a population of 44,996 in 2022.
The estimated housing inventory of 17,240 units in zip code 08054 includes approximately 1.3% LIHTC funded affordable housing units. This percentage falls below the 15-20% target range for affordable housing.
LIHTC projects in zip code 08054 have received $6,132,396 in tax credits, averaging $27,376 per unit. This allocation constitutes 0.82% of the total LIHTC funding for New Jersey. Affordable housing has been present in this zip code for over two decades, with the first LIHTC project, Ethel R. Lawrence Homes, completed in 2000, and the most recent, Centerton Road Family, finished in 2019.
The 2000s witnessed the highest number of LIHTC project completions in zip code 08054. Three projects were finished during this decade: Ethel R. Lawrence Homes (2000), Ethel R. Lawrence Homes Phase II (2004), and Sharp Road Family Housing (2009).
Zip code 08054 experienced demographic changes over the past decade. The population increased from 41,528 in 2020 to 44,996 in 2022. Median income decreased slightly from $108,401 in 2020 to $105,870 in 2022. Racial diversity increased during this period. The white population decreased from 70% in 2020 to 66% in 2022. The Black population grew from 11% to 12%, and the Hispanic population increased from 6% to 7%.
Zip code 08054 in Ramblewood, New Jersey, has an established LIHTC funded affordable housing presence with 224 low-income units developed over two decades. These units represent a small percentage of the estimated housing stock but provide affordable options in an area with a high median income. The zip code has experienced population growth and increased racial diversity in recent years, potentially influencing future affordable housing needs. The consistent development of LIHTC projects from 2000 to 2019 demonstrates an ongoing commitment to addressing affordable housing in this community.
