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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Willard Hay, a neighborhood in Minneapolis, Minnesota, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 155 units in LIHTC-funded projects, with 144 designated as low-income units. Based on the 2022 population of 10,429 and using the national average household size, there are approximately 3,996 housing units in the neighborhood. The LIHTC-funded affordable housing comprises about 3.9% of the estimated housing inventory in Willard Hay.
The LIHTC projects in Willard Hay have received $960,739 in project tax credits, averaging about $6,198 per unit. This funding has supported affordable housing development over more than a decade. The earliest LIHTC project, completed in 2005, includes Homewood Apartments and Lindquist Apartments. The most recent addition is Commons At Penn, completed in 2015, indicating a continued commitment to affordable housing in the area.
The 2010s saw the most LIHTC project completions in Willard Hay, with Gateway Lofts (formerly Broadway Apartments) in 2012 and Commons At Penn in 2015. This decade marked a significant period of affordable housing development in the neighborhood.
The LIHTC-funded projects in Willard Hay offer a range of unit types. The inventory includes 24 efficiencies, 35 one-bedroom units, 65 two-bedroom units, and 21 three-bedroom units. This variety caters to different household sizes and needs within the low-income population. Lindquist Apartments targets Section 8 voucher holders, addressing a specific segment of the low-income population that may require additional housing assistance.
Over the past decade, Willard Hay has experienced demographic shifts. The population has remained relatively stable, with a slight increase from 10,203 in 2010 to 10,429 in 2022. Median income has seen a moderate increase, rising from $51,076 in 2013 to $56,543 in 2022. The racial composition of the neighborhood has evolved. The Black population has decreased from 51% in 2013 to 32% in 2022, while the Hispanic population has increased from 4% to 15% during the same period. The White population has increased from 28% to 38%.
Willard Hay's LIHTC-funded affordable housing inventory represents a small but significant portion of its estimated housing stock. The neighborhood has seen consistent development of affordable housing projects from 2005 to 2015, with a focus on diverse unit types to accommodate various household sizes. While the LIHTC projects cover only about 3.9% of the estimated housing inventory, they play a role in providing affordable options for low-income residents. The demographic changes observed over the past decade, including shifts in racial composition and a moderate increase in median income, may continue to shape the affordable housing needs of the Willard Hay neighborhood in the coming years.