Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lowry Hill East, a neighborhood in Minneapolis, Minnesota, contains 136 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 4.12% of the neighborhood's estimated 3,301 housing units, based on the 2022 population of 8,615.
The LIHTC program has invested $1,089,285 in tax credits for affordable housing in Lowry Hill East, averaging $8,009 per unit. The Buzza Historic Lofts, completed in 2011, is the sole LIHTC project in the area, providing affordable housing options for over a decade.
The Buzza Historic Lofts offers a mix of unit types, including 1 efficiency unit, 1 one-bedroom unit, and 35 two-bedroom units. This distribution accommodates various household sizes, with an emphasis on two-bedroom units suitable for small families or shared living arrangements.
Lowry Hill East has experienced significant demographic changes over the past decade. The population increased by 36% from 6,330 in 2015 to 8,615 in 2022. Median income rose by 30% from $54,373 in 2015 to $70,635 in 2022.
The neighborhood's racial composition has also shifted. The white population decreased from 84% in 2015 to 66% in 2022. Other racial groups increased: the Asian population grew from 3% to 8%, the Black population from 3% to 10%, and the Hispanic population from 6% to 9% during this period.
These demographic changes, including population growth and increased diversity, may indicate an ongoing need for affordable housing in the neighborhood. The rising median income could potentially reduce accessibility to market-rate housing for lower-income residents, highlighting the importance of LIHTC funded projects like the Buzza Historic Lofts.
Lowry Hill East's LIHTC funded affordable housing, while a small portion of the estimated housing inventory, is crucial in providing low-income housing options. The Buzza Historic Lofts project offers 136 affordable units with various apartment sizes. The neighborhood's significant population growth, increased median income, and greater racial diversity over the past decade may indicate a continued need for affordable housing to maintain a diverse and inclusive community.