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Affordable Housing Analysis in Zip Code 55130: LIHTC Investments and Demographic Shifts
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 55130 in St. Paul, Minnesota, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 581 total affordable units, all of which are designated as low-income units. Based on the estimated 7,116 housing units in the zip code, LIHTC-funded affordable housing comprises approximately 8.2% of the total housing inventory. This percentage indicates a substantial contribution to affordable housing options in the area.
The LIHTC program has invested $3,214,724 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $5,533 per unit. Notably, this zip code accounts for 1.1% of the total LIHTC funding allocated to Minnesota, highlighting its significance in the state's affordable housing landscape.
The first LIHTC project in this zip code, Idaho Ridge, was completed in 2001, while the most recent, Rolling Hills Apartments, was finished in 2013. This 12-year span demonstrates a sustained commitment to affordable housing development in the area. The decade from 2000 to 2010 saw the most affordable housing projects completed, with four out of six projects built during this period.
The affordable housing inventory in this zip code is diverse, consisting of 13 efficiencies, 133 one-bedroom units, 305 two-bedroom units, 83 three-bedroom units, and 20 four-bedroom units. This distribution caters to various household sizes and needs.
Several projects in the area target specific populations. For instance, Crestview Community Expansion focuses on individuals with mental illness, brain injury, drug dependency, and developmental or physical disabilities. Rolling Hills Apartments targets single heads of households with children, families of color, and single men and women. These specialized projects address the unique needs of vulnerable populations within the community.
Over the past decade, the zip code has experienced population growth, increasing from 16,068 in 2013 to 18,574 in 2022. This 15.6% population increase may have contributed to the need for additional affordable housing units. The median income has also risen significantly, from $39,291 in 2013 to $48,559 in 2022, representing a 23.6% increase. However, this income level still suggests a continued need for affordable housing options.
The racial composition of the zip code has remained diverse but relatively stable over the past decade. The Asian population has slightly increased from 34% to 42%, while the Black population has remained around 20-23%. The White population has decreased slightly from 27% to 22%. This diverse demographic makeup underscores the importance of maintaining a robust affordable housing inventory to serve various communities.
Zip code 55130 in St. Paul, Minnesota, demonstrates a significant commitment to affordable housing through LIHTC-funded projects. With 581 low-income units covering 8.2% of the estimated housing stock, the area has made substantial progress in addressing affordable housing needs. The diverse unit types and targeted populations in these projects reflect an effort to meet varied community needs. While population growth and rising median incomes indicate economic development, they also suggest an ongoing demand for affordable housing options. The sustained investment in LIHTC projects over more than a decade highlights the area's long-term commitment to providing affordable housing for its diverse population.
