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Affordable Housing in St. Cloud: LIHTC's Impact on the Granite City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
St. Cloud, Minnesota, known as "The Granite City," has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 1,052 total units in LIHTC funded projects, with 1,015 designated as low-income units. Based on the estimated housing inventory of 26,748 units, LIHTC funded affordable housing comprises approximately 3.9% of the city's housing stock.
St. Cloud has received $3,325,953 in project tax credits for affordable housing through the LIHTC program. With approximately 24 projects, this translates to an average of $138,581 in federal funding per project, or $3,162 per unit. St. Cloud holds 1.14% of Minnesota's total LIHTC funding, indicating a notable share of the state's affordable housing resources.
The city's commitment to affordable housing spans nearly three decades, with the first LIHTC project, Newbury I, completed in 1992, and the most recent, The Sanctuary At St. Cloud, finished in 2019. The 1990s and early 2000s saw significant affordable housing development, with multiple projects completed each year. Notable projects include La Cruz Community (1994), targeting low-income residents, and H.O.P.E. On Ninth (2008), focused on housing for singles.
St. Cloud's LIHTC funded housing inventory offers a diverse range of unit types. The breakdown includes 119 efficiencies, 241 one-bedroom, 328 two-bedroom, 220 three-bedroom, and 2 four-bedroom units, catering to various household sizes and needs.
Some projects address specific populations, such as the Linden Grove Veteran Apartments (2016), which targets individuals with drug dependency issues, demonstrating the city's efforts to provide specialized housing solutions.
Over the past decade, St. Cloud's population has shown moderate growth, increasing from 65,885 in 2010 to 69,813 in 2022. The median income has also risen, from $45,091 in 2013 to $55,803 in 2022, indicating improving economic conditions. Racial demographics show a shift towards increased diversity, with the white population decreasing from 82% in 2015 to 65% in 2022, while the Black population increased from 8% to 23% during the same period.
The completion of projects like Woodland Village TH and Linden Grove Veteran Apartments in 2016, followed by The Sanctuary At St. Cloud in 2019, aligns with the city's growing population and increasing diversity, suggesting ongoing efforts to meet evolving housing needs.
St. Cloud's LIHTC funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has consistently invested in affordable housing over nearly three decades, with a diverse range of unit types and some specialized projects addressing specific population needs. While the LIHTC inventory covers only a fraction of the estimated housing need, it provides an important foundation for affordable housing in the city. The recent demographic shifts and continued LIHTC project development indicate ongoing efforts to address the evolving housing needs of St. Cloud's growing and diversifying population.
