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Affordable Housing in Woodbury: LIHTC's Impact on a Growing Suburb
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Woodbury, Minnesota, a suburban city east of St. Paul, has a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city contains 456 total units in LIHTC-funded projects, with 446 designated as low-income units. This represents approximately 1.5% of Woodbury's estimated 30,100 housing units.
Woodbury has received $3,523,489 in project tax credits through the LIHTC program. This funding is distributed across approximately seven projects, averaging $503,356 per project or $7,727 per unit. The city's share of Minnesota's total LIHTC funding is 1.21%, indicating a moderate portion of the state's affordable housing resources.
The development of LIHTC projects in Woodbury spans 23 years, from 1996 to 2019. The first project, Ashwood Ponds Apartments, was completed in 1996, while the most recent projects, Legends Of Woodbury and Glen At Valley Creek, were finished in 2019. The 2010s saw the highest activity, with three projects completed during this decade.
The LIHTC-funded projects in Woodbury offer a variety of unit sizes, including 103 one-bedroom, 165 two-bedroom, 106 three-bedroom, and 5 four-bedroom units. This distribution caters to diverse household sizes within the affordable housing sector.
Woodbury's population has grown steadily, increasing from 65,659 in 2013 to 78,560 in 2022. Concurrently, the median income rose from $96,099 in 2013 to $117,201 in 2022, indicating overall economic growth. Racial demographics show a slight increase in diversity, with the white population decreasing from 78% to 75%, the Asian population increasing from 9% to 12%, the black population rising from 4% to 5%, and the Hispanic population remaining stable at 4-5% between 2013 and 2022.
The completion of two LIHTC projects in 2019 aligns with the city's continued population growth and rising median income, suggesting efforts to maintain affordable housing options in an increasingly affluent area. While Woodbury's LIHTC-funded affordable housing inventory represents a small portion of the city's housing stock, it signifies a consistent commitment to affordable housing development over more than two decades. The percentage of affordable units is lower than the target range for a well-balanced city, but it is important to note that other programs may contribute to the overall affordable housing inventory. The demographic trends underscore the ongoing need for affordable housing options in this growing suburban community.
