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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Seward, a neighborhood in Minneapolis, Minnesota, has a population of 7,534 residents as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has significantly contributed to affordable housing in Seward. There are 746 units in LIHTC-funded projects, with 625 designated as low-income units. This represents approximately 25.8% of the neighborhood's estimated 2,887 housing units, indicating a substantial contribution to affordable housing needs.
The LIHTC program has invested $4,865,737 in tax credits in Seward, averaging about $6,521 per unit in LIHTC-funded projects. Affordable housing development in the neighborhood has been consistent from 2006 to 2016. The Kosciolek House, completed in 2006, was the first LIHTC project in Seward. The most recent project, Seward Towers East And West Apartments, was finished in 2016. Four out of five projects were completed during the 2010s, marking the most active period for affordable housing development.
Seward's LIHTC-funded housing inventory includes a diverse mix of unit types: 112 efficiencies, 492 one-bedroom units, and 138 two-bedroom units. This distribution suggests a focus on housing for individuals and small families.
Seward has experienced demographic changes over the past decade. The population increased from 7,119 in 2013 to 7,534 in 2022. The median income rose significantly from $38,106 in 2013 to $68,467 in 2022, indicating an improvement in the economic status of residents.
Racial demographics have remained relatively stable with minor fluctuations. The white population decreased slightly from 55% in 2013 to 52% in 2022, while the Black population remained constant at 33%. There was a small increase in racial diversity, with residents identifying as two or more races growing from 3% to 7% between 2013 and 2022.
The completion of several LIHTC projects during this period aligns with the population growth and may have contributed to maintaining a diverse community despite rising median incomes. The continued investment in affordable housing through LIHTC appears to have helped preserve economic diversity within the neighborhood.
Seward neighborhood's LIHTC-funded affordable housing inventory covers over a quarter of its estimated housing stock. The development of these projects spans a decade, with significant activity in the 2010s. The diverse unit mix caters to various household sizes, primarily focusing on smaller units. The neighborhood has experienced population growth and a notable increase in median income over the past decade while maintaining relative racial diversity. The LIHTC investments appear to have played a crucial role in sustaining affordable housing options amidst these demographic changes, contributing to the neighborhood's socio-economic balance.