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Affordable Housing in Zip Code 55315: A Case Study of LIHTC Implementation in Carver, Minnesota
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 55315, located in Carver, Minnesota, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 68 affordable units, all designated as low-income units. Based on the 2022 population of 6,569 and an estimated 2,517 housing units, LIHTC funded affordable housing comprises approximately 2.70% of the zip code's estimated housing inventory.
The LIHTC program has invested in this zip code, with project tax credits totaling $1,108,872. This equates to an average federal funding of $16,307 per unit. This zip code accounts for 0.38% of the total state LIHTC funding, indicating a modest contribution to Minnesota's affordable housing efforts.
The affordable housing in this zip code is represented by a single project, Carver Crossing, completed in 2016. This project marks the introduction of LIHTC-funded affordable housing in the area. Carver Crossing offers a mix of unit types, including 14 one-bedroom units, 36 two-bedroom units, and 18 three-bedroom units.
Over the past decade, zip code 55315 has experienced significant population growth, increasing from 4,655 in 2010 to 6,569 in 2022. This represents a 41% increase. The median income has remained consistently high, at approximately $113,000 in recent years, which is above the national average.
The racial composition of the area has remained predominantly white, representing about 90% of the total population, with small increases in Asian, Hispanic, and multi-racial populations.
The introduction of LIHTC-funded affordable housing in 2016 coincides with a period of continued population growth and high median incomes. This suggests that despite the area's overall affluence, there was a recognized need for affordable housing options.
Zip code 55315 presents a case of LIHTC implementation in a rapidly growing, predominantly affluent area. While the affordable housing inventory represents a small percentage of the total estimated housing units, its presence indicates an effort to provide housing options for lower-income residents in a high-income area. The single LIHTC project, Carver Crossing, offers a mix of unit sizes to accommodate various household compositions. As the area continues to grow, monitoring the balance between market-rate and affordable housing will be important for maintaining community diversity and addressing housing needs across income levels.
