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Affordable Housing Analysis in Zip Code 55378: Two Decades of LIHTC Development in Savage, 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 55378, located in Savage, Minnesota, has a population of 30,138 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 209 total units in this area, including 195 designated as low-income units. Based on the estimated housing inventory of 11,547 units, LIHTC-funded affordable housing comprises approximately 1.8% of the zip code's housing stock.
The LIHTC program has invested $2,090,704 in tax credits for affordable housing projects in zip code 55378. This equates to an average federal funding of $10,003 per unit. Notably, this zip code accounts for 0.72% of the total LIHTC funding allocated to Minnesota.
Affordable housing has been present in this community for over two decades. The earliest LIHTC projects, Marshview Townhomes and Villas Of Caroline On Rosaland, were completed in 1999. The most recent addition, Louisiana Lofts, was finished in 2019. The 2010s saw the highest activity in affordable housing development, with two projects completed during this decade.
The LIHTC-funded housing in zip code 55378 offers a range of unit types. The inventory includes 22 one-bedroom units, 76 two-bedroom units, 53 three-bedroom units, and 1 four-bedroom unit. This distribution indicates accommodation for various family sizes and living arrangements.
Over the past decade, zip code 55378 has experienced population growth, increasing from 25,181 in 2010 to 30,138 in 2022. The median income has risen to $118,087 in 2022. Despite this economic growth, the completion of Louisiana Lofts in 2019 suggests a continuing need for affordable housing options.
Racial demographics in zip code 55378 have shifted, with the white population decreasing from 81% in 2016 to 73% in 2022. Concurrently, there has been an increase in racial diversity, particularly in the Black and Asian populations. This demographic change may reflect a growing need for diverse and affordable housing options to support an increasingly varied community.
The LIHTC program has contributed significantly to providing affordable housing in zip code 55378, adding 209 units to the area's housing stock. While this represents a small percentage of the total estimated housing inventory, it demonstrates an ongoing commitment to affordable housing over the past two decades. The most recent project in 2019 indicates that despite rising median incomes, there remains a need for affordable housing options. As the area continues to grow and diversify, monitoring and addressing affordable housing needs will be crucial for maintaining a balanced and inclusive community.
