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Affordable Housing in Zip Code 08827: Analysis of LIHTC Projects in Hampton, 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
Hampton, New Jersey, zip code 08827, has a population of 4,673 as of 2022. This zip code contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing, totaling 48 units, all designated as low-income. The LIHTC-funded affordable housing comprises approximately 2.68% of the total housing stock in this zip code, based on an estimated housing inventory of 1,790 units.
The LIHTC program has invested $111,412 in tax credits for affordable housing projects in zip code 08827. This equates to an average federal investment of $2,321 per unit. Zip code 08827 accounts for 1% of the total LIHTC funding allocated to New Jersey.
The initial LIHTC-funded project in this zip code, Hampton Manor Senior Citizen Apartments, was completed in 1992. The most recent projects, Hampton Manor Senior Cit Apts and Hampton Manor Sr. Cit. Apts. #375, were both completed in 2012. This indicates a 20-year span of affordable housing development in the zip code. The 1990s marked the beginning of affordable housing initiatives in this area, with additional projects following in the 2010s.
All three LIHTC projects in zip code 08827 appear to focus on senior housing, as evidenced by their names. This suggests a targeted approach to addressing the housing needs of the elderly population in the area.
The population in zip code 08827 has fluctuated over the past decade, with a slight overall decrease from 4,736 in 2013 to 4,673 in 2022. The median income has also varied, reaching a peak of $131,068 in 2014 and settling at $119,652 in 2022. The relatively high median income may explain the limited number of LIHTC projects in the area.
The racial composition of zip code 08827 has remained relatively stable, with a predominantly white population (86% in 2022). There has been a slight increase in diversity, with small growth in the Hispanic population (from 3% in 2013 to 6% in 2022) and the two or more races category (from 1% in 2013 to 2% in 2022).
Zip code 08827 in Hampton, New Jersey, has a modest LIHTC-funded affordable housing inventory, representing about 2.68% of the estimated total housing stock. The area has seen consistent, though limited, investment in affordable housing over two decades, with a focus on senior housing. Despite the relatively high median income, the presence of these LIHTC projects indicates a recognition of the need for affordable housing options, particularly for the elderly population. The demographic trends over the past decade show a stable population with slight increases in diversity, which may influence future affordable housing needs and developments in the area.
