Loading Content...
Affordable Housing in Farmington, Minnesota: A Decade of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Farmington, Minnesota, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory that contributes to meeting the housing needs of its low-income residents. The city has a total of 118 affordable housing units, with 114 of these designated as low-income units. Based on the estimated housing inventory of 9,800 units, the LIHTC-funded affordable housing covers approximately 1.2% of the city's housing stock.
Farmington has received $708,226 in project tax credits through the LIHTC program. With three approximate projects, this translates to an average of $236,075 in federal funding per project. The average federal funding per unit is $6,002. Farmington holds 0.24% of Minnesota's total LIHTC funding, indicating a relatively small share of the state's affordable housing resources.
The city's LIHTC-funded affordable housing projects span from 2001 to 2009, representing nearly a decade of affordable housing development. The first project, Farmington Family Townhomes, was completed in 2001, while the most recent project, Twin Ponds Family Townhomes, was finished in 2009. The 2000s saw the most affordable housing development activity in Farmington.
The affordable housing inventory in Farmington consists of a mix of unit types. There are 55 one-bedroom units, 32 two-bedroom units, and 31 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, Farmington has experienced steady population growth, increasing from 21,395 in 2010 to 25,579 in 2022. The median income has also risen, from $90,690 in 2013 to $105,418 in 2022, indicating overall economic improvement in the city.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 89% in 2013 to 86% in 2022. There has been a small increase in diversity, particularly in the Hispanic population, which grew from 2% in 2013 to 5% in 2022.
Despite the population growth and rising median income, no new LIHTC projects have been completed in Farmington since 2009. This could be due to the city's relatively high median income, which may reduce the perceived need for additional affordable housing units.
Farmington's LIHTC-funded affordable housing inventory provides 118 units to help meet the needs of low-income residents. The city received over $700,000 in tax credits for these projects, which were developed between 2001 and 2009. The housing mix caters to various household sizes, with a focus on one to three-bedroom units. While the city has experienced population growth and increasing median income over the past decade, no new LIHTC projects have been completed since 2009.
