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Affordable Housing Analysis in Zip Code 55426: LIHTC Projects and Demographic Trends in St. Louis Park, 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 55426, located in St. Louis Park, Minnesota, contains a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area encompasses 219 total units in LIHTC-funded projects, with 151 of these designated as low-income units. Based on the 2022 population of 27,293 and an estimated 10,457 housing units, LIHTC-funded affordable housing represents approximately 2.09% of the zip code's housing inventory.
The LIHTC projects in zip code 55426 received $66,335 in tax credits, averaging about $302.90 per unit. This funding represents 0.02% of Minnesota's total LIHTC allocation, indicating a relatively small but significant contribution to the state's affordable housing efforts. Affordable housing has been present in this zip code since at least 2004, with the completion of Urban Park Apartments. The most recent project, Louisiana Court, was completed in 2006. The 2000s saw the most affordable housing development activity in this area.
The LIHTC-funded housing stock in zip code 55426 offers a diverse range of unit types. It includes 4 efficiencies, 89 one-bedroom units, 100 two-bedroom units, and 26 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, zip code 55426 has experienced some demographic shifts. The population has grown slightly, from 26,051 in 2013 to 27,293 in 2022. Median income has also increased substantially, from $72,608 in 2013 to $86,590 in 2022, suggesting an overall improvement in economic conditions.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 79% in 2013 to 76% in 2022. There has been a small increase in diversity, with slight growth in Asian, Hispanic, and multi-racial populations. The black population has remained relatively constant at around 6-7%.
These demographic trends, particularly the rising median income, may explain why no new LIHTC projects have been developed in the area since 2006. The increasing economic prosperity of zip code 55426 might have reduced the perceived need for additional low-income housing.
Zip code 55426 has a modest but significant LIHTC-funded affordable housing presence, with 219 total units, of which 151 are designated as low-income. This represents about 2.09% of the estimated housing inventory. The area received 0.02% of Minnesota's LIHTC allocation, with projects completed in the early to mid-2000s. The housing stock offers a range of unit sizes to accommodate diverse household needs. While the population has grown slightly and become more diverse over the past decade, the substantial increase in median income may have influenced the lack of new LIHTC developments since 2006.
