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Affordable Housing Analysis in Cambridge, Minnesota: Zip Code 55008'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
The zip code 55008 in Cambridge, Minnesota, contains a diverse Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has a total of 224 units in LIHTC-funded projects, with 169 units designated as low-income. As of 2022, the population of this zip code was 16,474, with an estimated 6,312 housing units. The LIHTC-funded affordable housing represents approximately 3.55% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 55008 have received $1,498,060 in project tax credits, averaging about $6,688 per unit. This amount constitutes 0.51% of Minnesota's total LIHTC funding, indicating a significant investment in affordable housing for this area. Affordable housing has been present in this zip code for nearly three decades, with the first LIHTC project, Town Square East, completed in 1990, and the most recent, Main Street Flats, finished in 2018. The 2010s saw the most affordable housing development, with four projects completed during this decade.
The LIHTC-funded projects in zip code 55008 offer a mix of unit types, with a focus on family-sized apartments. There are 17 one-bedroom units, 112 two-bedroom units, and 73 three-bedroom units, catering to diverse household sizes and needs.
Over the past decade, zip code 55008 has experienced steady population growth, increasing from 15,282 in 2010 to 16,474 in 2022. Median income has also risen significantly, from $57,547 in 2013 to $71,062 in 2022, suggesting an improving economic situation for residents.
The racial composition of zip code 55008 has remained relatively stable, with a slight increase in diversity. The white population decreased from 95% in 2013 to 92% in 2022, while Asian, Black, and Hispanic populations saw small increases. This gradual diversification may indicate a need for continued investment in affordable housing to ensure equitable access for all demographic groups.
Zip code 55008 demonstrates a consistent commitment to affordable housing through its LIHTC-funded projects. While these units represent a small portion of the overall housing inventory, they provide crucial low-income housing options. The area has seen steady population growth and rising median incomes over the past decade, alongside a gradual increase in racial diversity. These trends underscore the ongoing importance of affordable housing initiatives in maintaining a balanced and inclusive community.
