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Affordable Housing Analysis in Zip Code 55082: Three Decades of LIHTC Development
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 55082 in Grant, Minnesota, contains a notable inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This zip code encompasses 609 total units in LIHTC-funded projects, with 461 of these designated as low-income units. Based on the estimated 13,689 housing units in the zip code, LIHTC-funded affordable housing represents approximately 4.4% of the total housing stock.
The LIHTC projects in zip code 55082 have received $1,909,188 in project tax credits, averaging about $3,135 in federal funding per unit. This zip code accounts for 0.65% of Minnesota's total LIHTC funding, indicating a modest but significant contribution to the state's affordable housing initiatives.
Affordable housing has been present in zip code 55082 for nearly three decades. The first LIHTC project, Cottages of Stillwater, was completed in 1991, and the most recent, Green Twig Villas II, was finished in 2019. The 2000s saw the highest level of affordable housing development, with four projects completed during this decade.
The LIHTC-funded housing in zip code 55082 offers a diverse range of unit types. Of the 609 total units, there are 203 one-bedroom, 190 two-bedroom, 97 three-bedroom, and 5 four-bedroom units. This distribution indicates a focus on accommodating various household sizes, from individuals to larger families.
Over the past decade, zip code 55082 has experienced modest population growth, increasing from 34,475 in 2012 to 35,727 in 2022. The median income has risen substantially, from $91,958 in 2013 to $112,445 in 2022, indicating an overall increase in affluence.
Racial demographics in zip code 55082 have shown slight changes. The white population decreased from 91% in 2013 to 87% in 2022. There have been small increases in other racial groups, particularly in the Hispanic population, which grew from 2% to 5% during this period.
Despite the rising median income, the continued development of LIHTC projects throughout this period suggests an ongoing need for affordable housing options in zip code 55082. The most recent project, completed in 2019, indicates that affordable housing remains a priority even as the area becomes more affluent.
Zip code 55082 in Grant, Minnesota, has an established LIHTC-funded affordable housing presence, covering 4.4% of the estimated housing stock. With projects spanning from 1991 to 2019, the area has consistently added affordable housing options. The diverse unit types cater to various household sizes, while the continued development of LIHTC projects amid rising incomes suggests an ongoing commitment to maintaining affordable housing options in an increasingly affluent area. The zip code's 0.65% share of state LIHTC funding underscores its role in Minnesota's broader affordable housing efforts.
