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Affordable Housing in Zip Code 56283: LIHTC Funding and Demographic Trends
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 56283, located in Redwood Falls, Minnesota, contains 90 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. Of these, 74 are designated as low-income units. This represents approximately 3.3% of the estimated 2,691 housing units in the zip code.
The LIHTC program has invested $85,952 in tax credits for affordable housing projects in zip code 56283. This equates to an average of $955 in federal funding per unit and represents 0.03% of Minnesota's total LIHTC allocation. The area's affordable housing development spans over two decades, with the first LIHTC project, Parkside Townhomes, completed in 1997 and the most recent, Country Village Apartments, finished in 2008.
The LIHTC projects in zip code 56283 offer a diverse housing mix, with 28 one-bedroom units, 40 two-bedroom units, and 22 three-bedroom units. This distribution caters to various household sizes, from individuals to small and medium-sized families.
The population in zip code 56283 has remained relatively stable over the past decade, ranging between 6,933 and 7,023 residents. The median income has shown an upward trend, increasing from $46,829 in 2013 to $54,267 in 2022. This rise in median income may partially explain the absence of new LIHTC projects since 2008.
The racial composition of zip code 56283 has remained predominantly white, consistently around 87-88% of the population. A slight increase in diversity has occurred, with the Hispanic population growing from 3% to 4% and the proportion of residents identifying as two or more races increasing from 1% to 4% between 2013 and 2022.
Zip code 56283 has a modest but significant LIHTC-funded affordable housing presence, representing about 3.3% of the estimated housing inventory. The area has experienced two LIHTC projects developed over two decades, providing a mix of unit sizes to accommodate various household types. The stable population, rising median incomes, and subtle shifts in racial diversity characterize the area's recent demographic trends. These factors, combined with the existing affordable housing stock, may influence future affordable housing needs and development in this zip code.
