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Flemington's LIHTC-Funded Affordable Housing: A Decade of Development in a Growing New Jersey Borough
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Flemington, located in New Jersey, has 90 affordable housing units funded through the Low-Income Housing Tax Credit (LIHTC) program. All of these units are designated as low-income. Based on an estimated housing inventory of 1,864 units, LIHTC-funded affordable housing comprises approximately 4.83% of the city's housing stock.
The borough has received $1,655,294 in project tax credits through the LIHTC program for affordable housing development. With three approximate projects, this averages to $551,765 per project in federal funding. The average federal funding per unit is approximately $18,392. Flemington holds 0.22% of the total state LIHTC funding, indicating its contribution to New Jersey's affordable housing efforts.
Flemington's affordable housing development spans over a decade. The earliest recorded LIHTC project, Church Street Senior Residences, was completed in 2005. The most recent project, Flemington Junction Apartments, was completed in 2017. This 12-year period demonstrates the city's ongoing commitment to providing affordable housing options.
The 2010s saw significant affordable housing development in Flemington, with the completion of Flemington Junction Apartments in 2017. This project added 84 low-income units to the city's affordable housing inventory, substantially increasing options for low-income residents.
Flemington's population has grown modestly from 4,531 in 2010 to 4,864 in 2022. The median income has risen from $57,566 in 2013 to $79,253 in 2022, indicating overall economic improvement. Racial distribution has remained relatively stable, with a slight increase in diversity. The white population has increased from 51% in 2013 to 59% in 2022, while the Hispanic population has remained between 28% and 33% during this period.
The development of LIHTC projects, particularly the larger Flemington Junction Apartments in 2017, aligns with the city's population growth and increasing median income. This suggests a proactive approach to addressing affordable housing needs as the community expands and evolves.
In conclusion, Flemington has made significant progress in providing affordable housing through the LIHTC program. While the current inventory covers a modest percentage of the city's estimated housing stock, the substantial investment and recent large-scale project demonstrate a commitment to addressing affordable housing needs. The city's demographic trends, including population growth and increasing median income, underscore the importance of continued focus on affordable housing initiatives to ensure balanced community development.
