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Affordable Housing Analysis in Zip Code 55432: LIHTC Program's Impact in Fridley, 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 55432, located in Minnesota, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 296 total units, with 295 designated as low-income units. Based on the 2022 population of 32,677 and an estimated 12,520 housing units, LIHTC funded affordable housing comprises approximately 2.36% of the zip code's estimated housing inventory. The LIHTC program has invested $1,510,351 in tax credits for affordable housing projects in this zip code, averaging about $5,102 per unit in federal funding. This zip code accounts for 0.52% of the total LIHTC funding allocated to Minnesota.
Affordable housing has been present in zip code 55432 for nearly three decades. The first project, Cottages Of Spring Lake Park, was completed in 1994, and the most recent, Legends Of Spring Lake Park, was finished in 2018. The 2010s saw the most significant development in affordable housing, with two projects completed during this decade. The affordable housing inventory in this zip code consists primarily of two-bedroom units (148), followed by one-bedroom units (68), and three-bedroom units (53). This distribution indicates a focus on accommodating small to medium-sized families and individuals.
One notable project, Brandes Place, completed in 2006, targets single women as its population. This specialized focus addresses the unique housing needs of this demographic group. Over the past decade, zip code 55432 has experienced a population increase from 30,577 in 2010 to 32,677 in 2022. Concurrently, the median income has risen from $59,570 in 2013 to $67,524 in 2022, indicating overall economic growth in the area.
The racial demographics in zip code 55432 have shifted significantly during this period. The white population decreased from 72% in 2013 to 59% in 2022, while the Black population increased from 9% to 17%, and the Hispanic population grew from 8% to 13%. This diversification of the population may have influenced the need for varied affordable housing options. The completion of the Legends Of Spring Lake Park project in 2018 aligns with these demographic shifts, potentially responding to the changing needs of a more diverse community.
Zip code 55432 has a modest but significant LIHTC funded affordable housing inventory, covering about 2.36% of its estimated housing stock. The area has seen consistent development of affordable housing over nearly three decades, with the most recent project completed in 2018. The housing mix caters to various household sizes, with a notable project targeting single women. These developments have occurred against a backdrop of population growth, increasing median income, and significant racial diversification, suggesting an evolving community with changing housing needs.
