Winona, Minnesota, maintains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 172 units, all designated as low-income. This inventory represents approximately 1.49% of the city's estimated 11,537 housing units. The city has received $4,868,242 in LIHTC project tax credits, averaging $2,434,121 per project and $28,303 per unit. Winona's share of Minnesota's total LIHTC funding is 1.67%, indicating a significant contribution to the state's affordable housing efforts.

The city's LIHTC funded projects, Winhaven Apartments and Morningside Terrace / Bluff View Flats, were completed in 2016. This represents a concentrated effort to increase affordable housing in that year. The housing inventory primarily consists of one-bedroom units (157) and a smaller number of two-bedroom units (15).

Winona's population has declined slightly over the past decade, from 31,408 in 2013 to 30,112 in 2022. During this period, the median income increased from $47,847 in 2013 to $56,757 in 2022, representing an 18.6% growth. The racial composition of the city has remained relatively stable, with a slight decrease in the white population from 94% in 2013 to 89% in 2022, and small increases in Hispanic and multiracial populations.