Over the past decade, the population in zip code 55120 has grown from 4,320 in 2013 to 5,202 in 2022, representing a 20.4% increase. During this period, the median income has also risen, from $91,095 in 2013 to $106,204 in 2022, indicating a generally affluent area.

The racial composition of the zip code has changed. The percentage of white residents decreased from 86% in 2013 to 72% in 2022, while the Asian population increased from 2% to 6%. The most significant change was in the "two or more races" category, which grew from 1% in 2013 to 18% in 2022, reflecting increasing diversity in the area.

Despite these demographic shifts and population growth, there have been no new LIHTC projects in the past decade. This may be due to the area's high median income, which might reduce the perceived need for additional affordable housing units.

Zip code 55120 in Mendota Heights, Minnesota, has a single LIHTC-funded affordable housing project, Hillside Gables Townhomes, which has been serving the community since 2001. This project provides 24 low-income units, representing a small fraction of the estimated housing inventory. The area has experienced population growth and increasing diversity over the past decade, along with rising median incomes. Despite these changes, no new LIHTC projects have been developed in recent years, possibly due to the area's overall affluence. The existing LIHTC project continues to play a role in providing affordable housing options in this predominantly high-income zip code.