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Affordable Housing in Zip Code 56073: Analysis of LIHTC-Funded Units in New Ulm, 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 56073, located in New Ulm, Minnesota, has a population of 17,007 as of 2022. This area has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 30 total units, with 3 units designated as low-income. The LIHTC-funded affordable housing represents approximately 0.46% of the zip code's estimated housing stock of 6,516 units.
The LIHTC program has provided $67,955 in tax credits for affordable housing projects in zip code 56073. This amounts to an average federal funding of $2,265 per unit. The zip code accounts for 0.02% of the total state LIHTC funding, indicating a small portion of Minnesota's affordable housing investment.
The affordable housing inventory in zip code 56073 consists of one project, St. Michaels, completed in 2006. This project has provided affordable housing options for over 15 years. The unit distribution includes 29 one-bedroom units and 1 two-bedroom unit, suggesting a focus on accommodating smaller households or individuals.
The population in zip code 56073 has remained relatively stable over the past decade, with a slight increase from 16,131 in 2019 to 17,007 in 2022. The median income has fluctuated, rising from $68,571 in 2019 to $70,070 in 2021, before decreasing to $66,327 in 2022.
Regarding racial distribution, zip code 56073 has maintained a predominantly white population, with a slight decrease from 94% in 2020 to 93% in 2022. There has been a small increase in diversity, with Asian, Black, and Hispanic populations each representing 1% of the total population in 2022.
The LIHTC-funded affordable housing in zip code 56073 represents a small portion of the overall housing stock. With one project completed in 2006, the area has maintained a consistent, albeit limited, affordable housing presence for over a decade. The demographic trends show a stable population with slight income fluctuations and a gradual increase in diversity. While the LIHTC investment in this zip code is modest compared to the state's overall funding, it provides valuable housing options for low-income residents in the area.
