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Affordable Housing in Richfield, Minnesota: LIHTC-Funded Project Amidst Demographic Changes
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Richfield, Minnesota, a suburban city south of Minneapolis, had a population of 36,809 in 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 94 total units, with 19 designated as low-income units. This represents approximately 0.67% of the city's estimated 14,103 housing units.
Richfield has received $47,196 in project tax credits from the LIHTC program. With one project, this amounts to an average federal funding of $47,196 per project and $502 per unit. The city holds 2% of Minnesota's total LIHTC funding, indicating a small but significant portion of the state's affordable housing efforts.
The city's LIHTC funded affordable housing project, Lyndale Plaza Apartments, was completed in 2013. This project marks the beginning of LIHTC-funded affordable housing in Richfield, spanning nearly a decade. The Lyndale Plaza Apartments offer a diverse mix of unit types, including 55 one-bedroom units, 28 two-bedroom units, and 11 three-bedroom units, catering to various household sizes and needs.
Richfield's population has grown steadily over the past decade, increasing from 35,569 in 2013 to 36,809 in 2022. During this period, the median income rose from $63,466 in 2013 to $76,201 in 2022, indicating an overall improvement in economic conditions for residents.
The racial composition of Richfield has remained relatively stable. The white population decreased slightly from 59% in 2013 to 60% in 2022. The Hispanic population increased from 17% to 19%, while the Black population remained steady at around 10-11%. The Asian population fluctuated between 5-7% throughout the decade.
The completion of the Lyndale Plaza Apartments in 2013 coincided with the beginning of this demographic shift, potentially addressing changing housing needs in the community as it became more diverse and economically prosperous.
Richfield's LIHTC funded affordable housing provides an important contribution to the city's housing inventory. The Lyndale Plaza Apartments project offers a mix of unit types to accommodate various household sizes. While the LIHTC funded units represent a small percentage of the city's estimated housing stock, they play a role in addressing affordable housing needs in a city that has experienced population growth and significant increases in median income over the past decade. The city's evolving demographics may continue to influence future affordable housing needs and development in Richfield.
