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Affordable Housing in Todd Park: LIHTC Project's Impact on Edina Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Todd Park is a neighborhood in Edina, Minnesota, with a notable presence of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood contains 29 low-income units within a single LIHTC-funded project. Based on the 2022 population of 731 and using the national average household size, Todd Park's estimated housing inventory is approximately 280 units. The LIHTC-funded affordable housing represents about 10.4% of the neighborhood's estimated housing inventory, making a substantial contribution to the area's affordable housing needs.
The LIHTC program has invested $69,964 in tax credits for affordable housing in Todd Park, resulting in an average federal funding of approximately $2,413 per unit. The sole LIHTC project in the neighborhood, Summit Point, was completed in 2006, providing over 15 years of affordable housing presence in the area. Summit Point consists entirely of 29 one-bedroom units, suggesting a focus on housing for singles, couples, or small families. The project does not have a specific target population listed, indicating it may serve a general low-income population.
Todd Park has experienced demographic changes over the past decade. The population has shown a general downward trend, decreasing from 988 residents in 2019 to 731 in 2022. Despite this population decrease, the median income demonstrated significant growth, rising from $93,427 in 2019 to $98,531 in 2021, before dropping to $50,246 in 2022.
The racial composition of Todd Park has remained relatively stable, with a predominantly white population. In 2022, 94% of residents identified as white, 5% as Asian, and 1% as two or more races. This racial distribution has been consistent over the past decade, with only minor fluctuations.
The absence of new LIHTC projects in the last decade could be attributed to various factors. The rising median income until 2021 might have reduced the perceived need for additional affordable housing. However, the sharp income drop in 2022 could potentially signal a renewed need for affordable housing options in the future.
Todd Park's affordable housing landscape is characterized by a single LIHTC project, Summit Point, which has been providing 29 one-bedroom units since 2006. These units represent about 10.4% of the estimated housing inventory, contributing significantly to the neighborhood's affordable housing stock. While demographic trends show a decreasing population and fluctuating median income, the racial composition has remained stable. The recent income drop could potentially influence future affordable housing needs in Todd Park.
