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Affordable Housing Analysis in Zip Code 56329: Foley, Minnesota's Three-Decade LIHTC Inventory
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 56329 in Foley, Minnesota, encompasses an area of 192.89 square miles with a population of 7,487 in 2022. The Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory in this zip code consists of 44 total affordable units, all of which are designated as low-income units. Based on the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 2,869 units. The LIHTC funded affordable housing represents about 1.53% of the estimated housing inventory in the zip code.
Three LIHTC funded projects exist in zip code 56329: Catherine Square Apts, Falconshire Apts, and Pine Street Apartments. The earliest project, Catherine Square Apts, was completed in 1988, while the most recent project, Pine Street Apartments, was finished in 1992. This indicates that affordable housing has been present in the zip code for over three decades.
The 1980s saw the majority of affordable housing projects completed in this zip code, with two projects: Catherine Square Apts (1988) and Falconshire Apts (1989). Catherine Square Apts is the largest project with 24 units, followed by Falconshire Apts with 12 units, and Pine Street Apartments with 8 units.
Over the past decade, the population in zip code 56329 has remained relatively stable, fluctuating between 7,000 and 7,500 residents. The median income has shown a generally increasing trend, rising from $59,904 in 2013 to $78,021 in 2022. This increase in median income may suggest a reduced need for additional affordable housing in recent years.
The racial composition of zip code 56329 has remained predominantly white, consistently above 94% throughout the past decade. There has been a slight increase in diversity, with small increases in Asian, Black, and Hispanic populations, as well as those identifying as two or more races.
Zip code 56329 in Foley, Minnesota, has a modest LIHTC funded affordable housing inventory of 44 units across three projects, all completed between 1988 and 1992. These units represent about 1.53% of the estimated housing inventory in the zip code. No new LIHTC projects have been developed in recent years, while the area has experienced a steady increase in median income and maintained a stable population. The racial composition remains predominantly white, with slight increases in diversity over the past decade.
