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Affordable Housing Analysis in Zip Code 56630: LIHTC's Impact on Minnesota's Rural Community
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 56630 in Minnesota has a small LIHTC-funded affordable housing inventory. This zip code covers 347.79 square miles and has a population of 2,228 as of 2022. The LIHTC program has funded 28 affordable housing units in this zip code, with 27 designated as low-income units. Based on an estimated housing inventory of 854 units, LIHTC-funded affordable housing represents approximately 3.3% of the zip code's housing stock.
The LIHTC projects in zip code 56630 have received $88,324 in tax credits, averaging $3,154 per unit in federal funding. This zip code accounts for 0.03% of Minnesota's total LIHTC funding allocation. Affordable housing has been present in this zip code since 1996, with the construction of Lake Road Apartments. The most recent project, Pineview Manor, was completed in 2014, indicating an 18-year span of LIHTC-funded development in the area.
The LIHTC-funded housing stock in zip code 56630 consists of 20 two-bedroom units, 6 three-bedroom units, and 2 one-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Over the past decade, the population in zip code 56630 has remained relatively stable, fluctuating between 2,200 and 2,500 residents. The median income has increased gradually, rising from $39,093 in 2013 to $44,879 in 2022. This modest income growth may indicate an ongoing need for affordable housing options.
The racial composition of zip code 56630 has remained predominantly white, consistently accounting for about 85% of the population. Native American residents comprise the second-largest racial group, making up 6-10% of the population over the past decade. This demographic stability suggests that the existing LIHTC projects continue to serve the local community's needs.
The LIHTC program has made a modest contribution to the affordable housing stock in zip code 56630, providing 28 units over two projects spanning nearly two decades. While these units represent a small percentage of the overall housing inventory, they play a crucial role in providing affordable options for low-income residents. The stable population and gradually increasing median income indicate a continued need for affordable housing in this area. The predominance of two-bedroom units in the LIHTC inventory aligns with the needs of small to medium-sized families in the community.
