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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 56560 in Moorhead, Minnesota, contains a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The total number of LIHTC units in this zip code is 302, with 191 designated as low-income units. This affordable housing stock comprises approximately 1.76% of the estimated 17,196 total housing units in the zip code.
The LIHTC projects in zip code 56560 have received $1,440,503 in project tax credits, which averages to about $4,770 per unit in federal funding. This zip code accounts for 0.49% of the total state LIHTC funding, indicating its significance in Minnesota's affordable housing landscape.
Affordable housing has been a consistent feature of this community since 1992. The first LIHTC project, Eastwood, was completed in 1992, while the most recent, Bright Sky Apartments (formerly Churches United), was finished in 2018. This 26-year period demonstrates a sustained commitment to affordable housing development in the area.
The 2000s witnessed the highest affordable housing activity, with five projects completed during this decade. Notable projects from this period include Fieldcrest Townhomes (2000), Moorhead Townhomes (2001), and Maple Court Townhomes (2002).
The LIHTC funded housing inventory in zip code 56560 offers a range of unit types, including 18 efficiencies, 120 one-bedroom units, 81 two-bedroom units, 29 three-bedroom units, and 9 four-bedroom units. This variety accommodates different household sizes and needs within the community.
Over the past decade, zip code 56560 has experienced steady population growth, increasing from 38,388 in 2010 to 44,881 in 2022. This growth may have contributed to the continued need for affordable housing, as evidenced by the completion of two LIHTC projects in 2017 and 2018.
The median income in zip code 56560 has fluctuated, reaching $64,657 in 2022. This variation in income levels underscores the ongoing importance of affordable housing options for lower-income residents.
Racial demographics in zip code 56560 have shifted, with the white population decreasing from 88% in 2013 to 82% in 2022, while other racial groups, particularly Black and Hispanic populations, have seen modest increases. This growing diversity may influence the need for culturally sensitive affordable housing options.
Zip code 56560 demonstrates a sustained commitment to affordable housing through its LIHTC funded projects. The area has seen consistent development of affordable units over nearly three decades, with a diverse range of unit types to accommodate various household needs. While the LIHTC funded units represent a small percentage of the total estimated housing inventory, they play a crucial role in providing affordable options. The zip code's changing demographics, including population growth and increasing diversity, suggest an ongoing need for affordable housing solutions in the community.