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Affordable Housing in Foley, Minnesota: Three Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Foley, Minnesota, maintains a modest inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. The city's affordable housing stock comprises 44 units, all designated as low-income, distributed across three LIHTC-funded projects. Based on the 2022 population of 3,555 and using the national average household size of 2.61, Foley is estimated to have approximately 1,362 housing units. The LIHTC-funded affordable housing units represent about 3.2% of the estimated housing stock in the city.
The LIHTC program has contributed to Foley's affordable housing since the late 1980s. The initial project, Catherine Square Apts, was completed in 1988, while the most recent project, Pine Street Apartments, was finished in 1992. This indicates that LIHTC-funded affordable housing has been present in the city for over three decades. The 1980s saw the most activity in LIHTC-funded affordable housing development in Foley, with two out of the three projects completed during this decade: Catherine Square Apts in 1988 and Falconshire Apts in 1989.
The projects are distributed as follows: Catherine Square Apts provides 24 low-income units, Falconshire Apts offers 12 units, and Pine Street Apartments contributes 8 units to the affordable housing inventory. No new LIHTC projects have been constructed in Foley since 1992.
Over the past decade, Foley has experienced modest population growth, increasing from 3,434 in 2013 to 3,555 in 2022. The median income has seen a significant rise, growing from $54,924 in 2013 to $71,941 in 2022, representing an increase of approximately 31%. Regarding racial distribution, Foley has remained predominantly white, with the percentage of white residents decreasing slightly from 96% in 2013 to 92% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 1% in 2013 to 4% in 2022.
The rising median income and relatively stable population growth may suggest that the demand for additional low-income housing has not been as pressing in recent years. This could potentially explain the lack of new LIHTC developments since 1992. The city's demographic changes, including the slight increase in diversity, have not significantly impacted the affordable housing landscape in Foley.
In summary, Foley's LIHTC-funded affordable housing inventory consists of 44 units across 3 projects, representing about 3.2% of the estimated housing stock. The city experienced the most LIHTC development activity in the late 1980s, with no new projects in the past three decades. Despite modest population growth and a significant increase in median income over the past decade, there has been no recent expansion of LIHTC-funded affordable housing in Foley.
