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Affordable Housing in Zip Code 08540: Princeton's LIHTC Projects
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 08540 in Princeton, New Jersey has a population of 52,236 as of 2022. This area contains two Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, which provide 72 low-income units. The estimated housing inventory in this zip code is 20,014 units, of which LIHTC-funded affordable housing comprises approximately 0.36%.
The LIHTC program has allocated $1,400,000 in tax credits for affordable housing projects in zip code 08540. This amounts to an average federal funding of $19,444 per unit. This zip code receives 0.19% of the total LIHTC funding allocated to New Jersey. The two LIHTC-funded projects in this area are Freedom Village At West Windsor and Karin Court #490. Karin Court #490 was completed in 2012, marking the inception of LIHTC-funded affordable housing in this zip code. The 2010s witnessed the most affordable housing activity in this area.
The population in zip code 08540 has increased from 48,616 in 2013 to 52,236 in 2022, indicating a steady rise in housing demand. The median income has fluctuated but remained high, changing from $146,038 in 2013 to $137,713 in 2022. This high median income suggests that affordable housing options are essential for lower-income residents who might otherwise be unable to afford living in the area.
The racial composition of zip code 08540 has remained relatively stable. The white population decreased from 60% in 2013 to 53% in 2022, while the Asian population increased from 26% to 31% during the same period. The Black and Hispanic populations experienced minor increases, each representing about 5-6% of the population in 2022.
Zip code 08540 in Princeton, NJ has a limited but existing LIHTC-funded affordable housing inventory, with 72 low-income units across two projects. This represents a small percentage of the estimated housing stock but provides crucial affordable options in an area with a high median income. The demographic trends over the past decade show a growing and diversifying population, potentially indicating an ongoing need for affordable housing options to maintain community diversity and economic inclusivity.
