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Affordable Housing Analysis in Zip Code 55811: LIHTC Funded Inventory and Demographic Trends
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 55811 in Minnesota covers 64.95 square miles and had a population of 27,695 in 2022. This zip code contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 258 total units, with 224 designated as low-income units. The LIHTC-funded affordable housing represents approximately 2.43% of the zip code's estimated 10,611 housing units.
The LIHTC projects in zip code 55811 have received $920,250 in tax credits, averaging $3,567 per unit in federal funding. This funding constitutes 0.32% of Minnesota's total LIHTC allocation, indicating a modest investment in affordable housing for this area.
Affordable housing has been present in zip code 55811 for at least two decades. The first recorded LIHTC project, Windwood Townhomes, was completed in 2002, and the most recent, The Village At Matterhorn, was finished in 2007. The 2000s saw the most affordable housing development activity in this zip code.
The LIHTC-funded housing inventory in zip code 55811 offers a range of unit types. Of the 258 total units, there are 123 one-bedroom units, 72 two-bedroom units, 54 three-bedroom units, and 9 four-bedroom units. This distribution indicates accommodation for various household sizes, from individuals to larger families.
Zip code 55811 experienced a slight population increase over the past decade, growing from 26,426 in 2015 to 27,695 in 2022. Median income also rose, from $62,117 in 2015 to $68,983 in 2022, suggesting an improvement in economic conditions. The racial composition remained relatively stable, with a slight increase in diversity. The white population decreased from 92% in 2015 to 91% in 2022, while other racial groups saw small increases.
No new LIHTC projects have been recorded in zip code 55811 in the last decade, despite demographic changes. This could be due to various factors, including the existing affordable housing stock meeting current needs or shifts in funding priorities.
Zip code 55811 has a modest LIHTC-funded affordable housing inventory, covering about 2.43% of its estimated housing stock. The area has seen investment in affordable housing, particularly in the 2000s, with projects offering a range of unit sizes to accommodate diverse household needs. While demographic trends show slight increases in population and median income, along with a marginal increase in diversity, no new LIHTC projects have been recorded in recent years. This analysis provides insight into the affordable housing landscape of zip code 55811, highlighting the role of LIHTC in addressing housing needs in the area.
