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Affordable Housing Analysis in Zip Code 55316: Three Decades of LIHTC-Funded Development in Champlin, Minnesota
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 55316 in Champlin, Minnesota, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 427 total units in LIHTC-funded projects, with 416 designated as low-income units. Based on the 2022 population of 23,715 and an estimated 9,086 housing units, the LIHTC-funded affordable housing comprises approximately 4.7% of the zip code's estimated housing inventory.
The LIHTC program has invested $1,258,262 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $2,947 per unit. Zip code 55316 accounts for 0.43% of the total LIHTC funding allocated to Minnesota.
Affordable housing has been present in this community for over three decades. The initial LIHTC project, River Manor Apts, was completed in 1989, while the most recent addition, Legends Of Champlin Apartments, was finished in 2018. The 2010s experienced the most activity in affordable housing development, with two projects completed during this decade.
The LIHTC-funded housing in this zip code offers a range of unit types. There are 84 one-bedroom units, 168 two-bedroom units, and 67 three-bedroom units, accommodating various household sizes and needs.
Over the past decade, zip code 55316 has experienced demographic shifts. The population has remained relatively stable, with a slight decrease from 23,764 in 2015 to 23,715 in 2022. Median income has shown an upward trend, increasing from $92,237 in 2015 to $102,918 in 2022, indicating an improvement in economic conditions.
Racial diversity has increased slightly during this period. The white population decreased from 84% in 2015 to 79% in 2022, while the Black population increased from 6% to 10%. The Asian population also grew, from 2% to 5%. This gradual diversification may have influenced the need for varied affordable housing options.
The LIHTC program has played a significant role in providing affordable housing in zip code 55316. With 427 total units, of which 416 are low-income units, the program contributes to the area's housing diversity. The consistent development of affordable housing projects over three decades demonstrates a long-term commitment to addressing housing needs. The recent increase in median income and growing racial diversity suggest a changing demographic landscape, which may continue to shape affordable housing needs in the future.
