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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Washington neighborhood in Rochester, Minnesota, features a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This neighborhood contains 265 units in LIHTC-funded projects, with 129 designated as low-income units. Based on the 2022 population of 2,223 and using the national average household size, the estimated housing units in the neighborhood are approximately 852. The LIHTC-funded affordable housing comprises about 31.1% of the estimated housing inventory, indicating a substantial presence of affordable housing options in the area.
The LIHTC program has invested $2,091,252 in tax credits for affordable housing projects in the Washington neighborhood. This investment equates to an average federal funding of approximately $7,891 per unit across all LIHTC-funded projects. The neighborhood has seen LIHTC projects completed over a span of seven years, from 2009 to 2016, demonstrating a consistent commitment to affordable housing development.
The LIHTC-funded projects in Washington offer a diverse range of unit types. Out of the 265 total units, there are 159 one-bedroom units, 74 two-bedroom units, and 5 three-bedroom units. This distribution indicates a focus on accommodating smaller households and families.
Over the past decade, the Washington neighborhood has experienced significant demographic changes. The population has grown from 2,018 in 2013 to 2,223 in 2022, representing a 10.2% increase. Median income has also risen considerably, from $56,007 in 2013 to $67,111 in 2022, a 19.8% increase.
Racial diversity in the neighborhood has increased markedly. The percentage of white residents decreased from 91% in 2013 to 76% in 2022, while the Asian population grew from 2% to 4%, and the Hispanic population increased from 1% to 8%. This diversification coincides with the period of LIHTC project development, suggesting that affordable housing may have contributed to increased diversity in the neighborhood.
The Washington neighborhood in Rochester, Minnesota, demonstrates a substantial commitment to affordable housing through its LIHTC-funded projects. These developments account for nearly a third of the estimated housing inventory, providing crucial low-income housing options. The neighborhood has seen consistent affordable housing development from 2009 to 2016, with a diverse range of unit types to accommodate various household sizes. This investment in affordable housing has occurred alongside significant demographic changes, including population growth, rising median incomes, and increasing racial diversity. These trends suggest that LIHTC-funded affordable housing has played an important role in shaping the neighborhood's development and demographic composition over the past decade.