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Affordable Housing in Hastings: A Decade of LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hastings, a city in Minnesota, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 256 total units, with 229 designated as low-income units. This represents approximately 2.74% of the city's estimated housing stock of 9,328 units. The LIHTC program in Hastings has received $2,343,100 in project tax credits, averaging $390,517 per project or $9,153 per unit. Hastings' allocation accounts for 0.8% of Minnesota's total LIHTC funding.
The city's affordable housing development through LIHTC spans from 1997 to 2017. The first project, Pleasant Ridge Townhomes, was completed in 1997, while the most recent, Artspace Hastings Lofts, was finished in 2017. The 2000s were the most active period for affordable housing development, with four projects completed during this decade.
The LIHTC-funded housing inventory in Hastings consists of 7 efficiencies, 130 one-bedroom units, 70 two-bedroom units, and 49 three-bedroom units. This distribution accommodates various household sizes and needs. One notable project is the Guardian Angels Block Redevelopment, completed in 2002, which targets Temporary Assistance for Needy Families (TANF) recipients, addressing the specific needs of families transitioning out of poverty.
Hastings has experienced subtle demographic shifts over the past decade. The population has remained relatively stable, with a slight decrease from 24,603 in 2014 to 24,347 in 2022. Median income has increased significantly, rising from $75,065 in 2014 to $82,650 in 2022, indicating improved economic conditions for many residents.
Racial diversity in Hastings has incrementally increased. The white population decreased from 93% in 2014 to 88% in 2022. The Hispanic population grew from 3% to 4%, and the Asian population increased from less than 1% to 2% during this period. This gradual diversification may influence future affordable housing needs and demographics.
Despite the rising median income, there have been no new LIHTC projects since 2017. This suggests that other factors, such as existing affordable housing stock or alternative housing programs, may be meeting current low-income housing needs in Hastings.
Hastings' LIHTC-funded affordable housing inventory represents a small but significant portion of its housing stock. The program has provided diverse housing options over two decades, with a concentration of development in the 2000s. While the city has seen economic growth and gradual diversification in recent years, the pause in LIHTC project development since 2017 warrants further investigation into current affordable housing needs and strategies in Hastings.
