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Affordable Housing in Coon Rapids: Three Decades of LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Coon Rapids, Minnesota, a city with a population of 63,296 as of 2022, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 841 total units in LIHTC funded projects, with 773 of these designated as low-income units. Based on the estimated housing inventory of 24,251 units, the LIHTC funded affordable housing covers approximately 3.47% of the city's housing stock.
Coon Rapids has received $2,469,835 in project tax credits for affordable housing through the LIHTC program. With 16 approximate projects, this translates to an average federal funding of $154,365 per project and $2,936 per unit. Notably, Coon Rapids holds 0.85% of the total state funding for LIHTC projects in Minnesota.
The first LIHTC project in Coon Rapids, Camelot Square - A, was completed in 1988, while the most recent, Riverdale Station Apartments Novo, was finished in 2019. This indicates a 31-year span of affordable housing development in the city. The 1990s saw the most affordable housing activity, with seven projects completed during that decade.
The LIHTC funded housing inventory in Coon Rapids includes a diverse range of unit types. There are 5 efficiencies, 170 one-bedroom units, 258 two-bedroom units, 128 three-bedroom units, and 13 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on one and two-bedroom units.
One notable project, Mississippi View Apartments, completed in 2007, specifically targets singles as its population, potentially addressing the needs of individual low-income residents in the city.
Over the past decade, Coon Rapids has experienced modest population growth, increasing from 61,476 in 2010 to 63,296 in 2022. The median income has also risen, from $71,446 in 2013 to $79,566 in 2022, indicating overall economic improvement. However, this growth in income may also suggest an increasing need for affordable housing options for those who have not benefited from this economic uplift.
Racial demographics have shifted slightly, with the white population decreasing from 86% in 2013 to 75% in 2022, while other racial groups, particularly Black and Asian populations, have increased. This diversification may indicate changing housing needs and potentially a greater demand for affordable options among newer residents.
Coon Rapids has maintained a consistent commitment to affordable housing through the LIHTC program over three decades. While the current LIHTC funded units represent a small portion of the city's estimated housing stock, they provide crucial housing options for low-income residents. The city's changing demographics and rising median income suggest an ongoing need for affordable housing solutions to ensure inclusive growth and community stability.
