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Affordable Housing in St. Louis Park's Triangle Neighborhood: A Two-Decade LIHTC Investment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Triangle neighborhood in St. Louis Park, Minnesota, exhibits a significant concentration of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 155 LIHTC units, with 36 designated as low-income units. This represents approximately 22.3% of the estimated 695 housing units in the neighborhood, exceeding the typical 15-20% target for affordable housing in a balanced community.
The LIHTC program has invested $224,328 in tax credits for affordable housing projects in the Triangle neighborhood. This equates to an average federal funding of $1,447 per unit across all LIHTC-funded projects. The neighborhood has benefited from LIHTC-funded affordable housing for over two decades, with projects completed between 1997 and 2017.
The 2010s saw the largest addition to the affordable housing stock with The Shoreham On France project. This development added 121 units to the neighborhood, including 3 low-income units, 3 efficiencies, 65 one-bedroom, and 53 two-bedroom apartments. The earlier Park Glen Townhomes project, completed in 1997, contributed 34 units, with 33 designated as low-income units.
The Triangle neighborhood has experienced demographic changes over the past decade. The population increased from 1,713 in 2013 to 1,815 in 2022, indicating growing housing demand. Median income fluctuated significantly, rising from $46,689 in 2013 to $105,350 in 2021, before decreasing to $59,033 in 2022. This income volatility suggests a diverse economic landscape that may benefit from varied housing options, including affordable units.
Racial demographics have remained relatively stable, with the white population consistently representing the majority (80-85% of residents). There has been a slight increase in diversity, with the Black population growing from 8% in 2013 to 9% in 2022, and the Asian population fluctuating between 2-11% over the decade.
The Triangle neighborhood demonstrates a substantial commitment to affordable housing through its LIHTC-funded projects. With 22.3% of its estimated housing stock dedicated to affordable units, the area exceeds typical targets for balanced communities. The two LIHTC projects spanning two decades show a sustained effort to provide affordable housing options. The most recent project, completed in 2017, significantly expanded the neighborhood's affordable housing inventory. The consistent presence of LIHTC projects suggests an ongoing recognition of the need for affordable housing in this community, despite fluctuations in median income and slight increases in racial diversity.
