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Affordable Housing Analysis in Zip Code 55051: LIHTC Investments and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 55051, located in Mora, Minnesota, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 66 affordable units, with 64 designated as low-income units. Based on an estimated 3,759 housing units in the zip code, LIHTC funded affordable housing comprises approximately 1.76% of the total housing inventory.
The LIHTC program has invested $133,360 in tax credits for affordable housing projects in zip code 55051. This equates to an average federal funding of $2,021 per unit. Zip code 55051 accounts for 0.05% of the total state funding for LIHTC projects in Minnesota.
Affordable housing has been present in this community for over two decades. The initial LIHTC project, Braham Square Townhomes, was completed in 1999, while the most recent addition, Mysa House, was finished in 2018. The 2000s experienced the most activity in affordable housing development, with projects such as Northcrest Townhomes of Mora being completed in 2002.
The affordable housing inventory in zip code 55051 includes a variety of unit types. There are 2 one-bedroom units, 28 two-bedroom units, and 18 three-bedroom units. This distribution indicates a focus on accommodating families and individuals with varying space requirements.
Over the past decade, the population in zip code 55051 has remained relatively stable, with a slight increase from 9,433 in 2014 to 9,811 in 2022. The median income has shown a positive trend, rising from $47,688 in 2014 to $57,185 in 2022. This increase in median income may indicate a growing need for affordable housing options to support lower-income residents who may be facing rising living costs.
The racial composition of zip code 55051 has remained predominantly white, with a slight decrease from 95% in 2014 to 93% in 2022. There has been a small increase in racial diversity, with the percentage of residents identifying as two or more races growing from 1% to 4% during this period.
Zip code 55051 has a modest LIHTC funded affordable housing inventory, covering about 1.76% of the estimated total housing units. The area has experienced consistent development of affordable housing projects over the past two decades, with a mix of unit types catering to different household sizes. While the population has remained relatively stable, the increasing median income and slight growth in racial diversity suggest an evolving community that may benefit from continued investment in affordable housing options to ensure inclusivity and accessibility for all residents.
