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Millville's LIHTC-Funded Affordable Housing: A Three-Decade Investment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Millville, a city in New Jersey, has an affordable housing inventory partially funded by the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded housing stock comprises 250 units, with 235 specifically designated as low-income units. This inventory represents approximately 2.37% of Millville's estimated total housing stock of 10,545 units.
Millville has received $3,438,372 in project tax credits through the LIHTC program. The city has approximately 11 LIHTC projects, resulting in an average of $312,579 in federal funding per project. When considering the total number of units, the average federal funding amounts to $13,753 per unit. Millville's LIHTC funding represents 0.46% of the total allocation to New Jersey.
The city's participation in the LIHTC program spans over three decades. The earliest identified project, "516 Dock Street," was completed in 1991, while the most recent known project was completed in 2012. The 2000s and early 2010s were particularly active periods for affordable housing development in Millville. The year 2008 saw the completion of three projects: "Millville Senior Housing," "Glasstown Residence At River Park," and another Millville Senior Housing project.
The available data on unit types in LIHTC-funded projects in Millville shows at least 4 one-bedroom units, 3 two-bedroom units, and 6 three-bedroom units. However, this data is likely incomplete and represents only a portion of the total unit distribution.
Millville's population has experienced a slight decline over the past decade, decreasing from 28,597 in 2013 to 27,523 in 2022. Despite this population decrease, the median income has risen from $57,364 in 2013 to $65,567 in 2022, indicating an overall improvement in economic conditions for residents.
The racial composition of Millville has remained relatively stable over the past decade. The white population has consistently represented the majority at approximately 60-62% of the total. The Hispanic population saw a slight increase from 16% in 2013 to 18% in 2020-2021, before decreasing to 15% in 2022. The Black population has remained steady at around 14-16% throughout the decade.
Millville's LIHTC-funded affordable housing inventory, while modest compared to the total estimated housing stock, represents a significant investment in addressing affordable housing needs. The city has consistently participated in the LIHTC program over three decades, with notable development activity in the 2000s and early 2010s. While the population has slightly decreased, rising median incomes suggest potential changes in housing needs and affordability. The stable racial composition indicates that the city's demographic makeup has not undergone significant shifts in recent years, which may influence future affordable housing strategies.
