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Affordable Housing in Slatterly Park: LIHTC's Impact on Neighborhood Diversity
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Slatterly Park, a neighborhood in Rochester, Minnesota, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 131 total units in LIHTC-funded projects, with 68 designated as low-income units. Based on the 2022 population of 5,755 and an estimated 2,205 housing units, LIHTC-funded affordable housing comprises approximately 5.9% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $874,015 in tax credits for affordable housing projects in Slatterly Park. This equates to an average federal funding of $6,672 per unit across all LIHTC-funded projects in the neighborhood. Affordable housing has been present in Slatterly Park since at least 2008, with the completion of the Village On 3rd project. The most recent addition to the affordable housing inventory was the Flats On 4th (formerly The Buckeye), completed in 2018. This ten-year span demonstrates a continued commitment to providing affordable housing options in the neighborhood.
The LIHTC-funded projects in Slatterly Park offer a range of unit types. The inventory includes 3 efficiencies, 63 one-bedroom units, 49 two-bedroom units, and 16 three-bedroom units. This distribution indicates a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, Slatterly Park has experienced demographic shifts. The population has fluctuated, increasing from 4,585 in 2020 to 5,755 in 2022. Median income has also varied, rising from $46,842 in 2017 to $50,989 in 2022.
Racial diversity in the neighborhood has increased significantly. The proportion of white residents decreased from 79% in 2015 to 64% in 2022. Concurrently, the Black population grew from 5% to 21%, and the Asian population increased from 1% to 6% during the same period. This demographic shift coincides with the completion of the Flats On 4th project in 2018, suggesting that the LIHTC program may be contributing to increased diversity in the neighborhood.
Slatterly Park's LIHTC-funded affordable housing inventory represents a significant investment in addressing housing needs for lower-income residents. The current inventory covers about 5.9% of the estimated housing units, providing a crucial resource for the community. The neighborhood has seen two LIHTC projects completed over a decade, offering a mix of unit types to accommodate diverse household sizes. The recent demographic changes, including increased racial diversity and population growth, align with the expansion of affordable housing options in the area. These trends underscore the importance of affordable housing initiatives in supporting community development and diversity in Slatterly Park.
