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Affordable Housing in Austin, Minnesota: LIHTC Program's Impact on a Changing City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Austin, Minnesota, home to Hormel Foods Corporation, has a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 236 total units in LIHTC-funded projects, with 176 designated as low-income units. These units represent approximately 2.22% of Austin's estimated housing stock of 10,636 units.
Austin has received $827,889 in project tax credits from the LIHTC program. With five approximate projects, this equates to an average federal funding of $165,578 per project and $3,508 per unit. The city accounts for 0.28% of Minnesota's total LIHTC funding.
The development of LIHTC-funded housing in Austin spans 25 years, from 1994 to 2019. Mandolin Place Apartments, completed in 1994, was the first LIHTC project, while Fox Pointe Townhomes, finished in 2019, was the most recent. The 1990s saw the highest activity with two projects completed, followed by one project each in the 2000s and 2010s.
The LIHTC-funded housing in Austin offers a diverse range of unit types, including 12 one-bedroom, 94 two-bedroom, 120 three-bedroom, and 4 four-bedroom units. This distribution indicates a focus on accommodating families and larger households.
Austin's population has grown steadily from 26,354 in 2010 to 27,759 in 2022. The median income fluctuated, peaking at $59,468 in 2021 before decreasing to $53,904 in 2022. Racial diversity has increased, with the white population decreasing from 78% in 2013 to 67% in 2022, while Asian, Black, and Hispanic populations have grown. The completion of Fox Pointe Townhomes in 2019 coincides with the city's population growth and increasing diversity, suggesting a response to changing housing needs.
Austin's LIHTC-funded affordable housing inventory has developed steadily over 25 years. The city has utilized federal funding to create a diverse range of unit types, potentially addressing the needs of various household sizes. The recent project completion in 2019 aligns with population growth and increasing diversity, indicating ongoing efforts to meet evolving housing demands in the community.
