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Affordable Housing in Marshall Terrace: Efficiency Units Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Marshall Terrace, a neighborhood in Minneapolis, Minnesota, had a population of 1,477 in 2022. The area contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project named Clare Marshall Flats, which provides 36 low-income units. Based on an estimated housing inventory of approximately 566 units, the LIHTC-funded affordable housing comprises about 6.4% of the neighborhood's housing stock.
The LIHTC program has invested $700,783 in tax credits for affordable housing in Marshall Terrace. This investment equates to an average federal funding of approximately $19,466 per unit for the Clare Marshall Flats project. The project was completed in 2017, marking the introduction of LIHTC-funded affordable housing in the neighborhood.
Clare Marshall Flats consists entirely of efficiency units, with all 36 units designated as low-income housing. This project structure indicates a focus on providing affordable housing options for single individuals or small households in the area.
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Marshall Terrace has experienced demographic shifts over the past decade. The population has fluctuated, increasing from 1,321 in 2020 to 1,477 in 2022. The median income has also varied, rising from $41,999 in 2020 to $42,020 in 2022, with a notable peak of $57,432 in 2021.
Racial demographics have evolved as well. The white population decreased from 68% in 2020 to 65% in 2022, while the Black population increased from 14% to 18% during the same period. The Hispanic population remained relatively stable at around 7-10% throughout this time.
The introduction of the LIHTC project in 2017 coincides with a period of demographic change in the neighborhood. The project may have been developed in response to growing diversity and fluctuating income levels, aiming to provide affordable housing options for the changing population.
Marshall Terrace's affordable housing landscape is characterized by a single LIHTC project, Clare Marshall Flats, which provides 36 efficiency units for low-income residents. This project, completed in 2017, represents a modest but significant contribution to the neighborhood's affordable housing stock, covering approximately 6.4% of the estimated housing inventory. The neighborhood has experienced demographic changes in recent years, including population growth, income fluctuations, and shifts in racial composition. These factors may have influenced the development of LIHTC-funded housing in the area, reflecting an effort to address evolving housing needs in Marshall Terrace.
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