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Affordable Housing in Calhoun: LIHTC Impact on a Changing Minneapolis Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Calhoun neighborhood in Minneapolis, Minnesota, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. As of 2022, the neighborhood contains 69 total units in LIHTC-funded projects, with 64 designated as low-income units. Based on the 2022 population estimate, the neighborhood has approximately 2,490 housing units, of which LIHTC-funded affordable housing comprises about 2.8%.
The LIHTC program has allocated $81,349 in tax credits for affordable housing projects in the Calhoun neighborhood. This amounts to an average of $1,179 in federal funding per unit across all LIHTC-funded projects in the area. Affordable housing has been present in the Calhoun neighborhood since 1993, with the completion of the Exodus project. The most recent project, Morrison Village Apartments, was completed in 2005, indicating a 12-year span of LIHTC-funded development in the area.
The LIHTC-funded housing inventory in Calhoun includes a variety of unit types. Of the 69 total units, there are 8 efficiencies, 4 one-bedroom units, 32 two-bedroom units, and 25 three-bedroom units. This distribution indicates a focus on accommodating diverse housing needs, including those of families and individuals.
The Calhoun neighborhood has experienced demographic changes over the past decade. The population has increased from 5,716 in 2017 to 6,500 in 2022, suggesting a growing demand for housing. Median income has fluctuated, rising from $61,931 in 2017 to $63,126 in 2022, with a peak of $70,993 in 2021.
The racial composition of the neighborhood has also shifted. The white population has decreased from 83% in 2017 to 72% in 2022. Concurrently, there have been increases in Hispanic (from 5% to 10%), Black (from 2% to 7%), and multiracial (from 4% to 7%) populations. These demographic shifts indicate growing diversity in the neighborhood, which may influence future affordable housing needs.
It is notable that no new LIHTC projects have been completed in Calhoun since 2005, despite these demographic changes. This could be attributed to various factors, including land availability, local policies, or the presence of other affordable housing initiatives not captured in the LIHTC data.
The Calhoun neighborhood's LIHTC-funded affordable housing inventory, while limited, provides 64 low-income units across two projects developed between 1993 and 2005. These units offer a range of housing options, from efficiencies to three-bedroom apartments. While the neighborhood has experienced population growth and increasing diversity over the past decade, there has been no recent LIHTC development. The existing LIHTC-funded units cover a small portion of the estimated housing inventory, suggesting potential opportunities for future affordable housing initiatives to address the evolving needs of the community.
