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Affordable Housing in Zip Code 08902: Analysis of LIHTC Program Impact
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 08902 in Deans, New Jersey, exhibits a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 199 affordable housing units, all categorized as low-income units. As of 2022, the estimated population of this zip code is 43,053, with an approximated 16,495 housing units based on the national average household size.
The LIHTC funded affordable housing in zip code 08902 represents about 1.2% of the estimated housing inventory. This percentage is below the 15-20% target range for affordable housing stock. The LIHTC projects in this zip code have received $926,885 in tax credits, equating to an average federal funding of $4,658 per unit. This zip code accounts for 0.12% of the total LIHTC funding allocated to New Jersey.
The initial LIHTC project in zip code 08902 was completed in 2012, with the most recent project finished in 2020. This indicates an eight-year presence of affordable housing in the area. The 2010s witnessed the highest number of affordable housing project completions in this zip code. The affordable housing inventory primarily consists of efficiency units, with 184 efficiencies and 15 one-bedroom units, suggesting a focus on housing for individuals or small households.
Over the past decade, the population in zip code 08902 has shown an upward trend, increasing from 40,242 in 2010 to 43,053 in 2022. The median income has risen from $95,664 in 2013 to $107,765 in 2022, indicating overall economic growth. Racial demographics have shifted, with the white population decreasing from 37% in 2013 to 29% in 2022, while the Hispanic population increased from 16% to 22%. The Asian population remained stable at approximately 25%, and the Black population increased from 17% to 21%.
The completion of the North Brunswick Crescent project in 2020, which added 184 efficiency units, aligns with the increasing population and growing diversity in the area. This project expanded the affordable housing options in zip code 08902, potentially responding to changing demographic needs.
Zip code 08902 in Deans, New Jersey, has experienced gradual development of LIHTC funded affordable housing over the past decade. The current affordable housing stock covers a small percentage of the estimated housing inventory. Recent projects have increased the number of available units. The area has experienced population growth, rising median incomes, and increasing racial diversity, which may have influenced the development of affordable housing projects. The focus on efficiency units suggests an effort to address the needs of smaller households or individuals in the community.
