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Edina's LIHTC-Funded Affordable Housing: A Decade of Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Edina, a suburban city in Minnesota, has a LIHTC-funded affordable housing inventory of 483 total units, with 445 designated as low-income units. This represents approximately 2.4% of the city's estimated 20,321 housing units. The city has received $2,356,584 in project tax credits through the LIHTC program, distributed across 6 approximate projects. This translates to an average of $392,764 in federal funding per project and $4,879 per unit.
Edina holds 0.81% of Minnesota's total LIHTC funding, indicating a notable contribution to the state's affordable housing efforts. The city's LIHTC-funded housing projects span from 2006 to 2017, with the most activity occurring in the 2010s. Four projects were completed during this decade: Yorkdale Townhomes (2012), Yorktown Continental (2015), Crossroads of Edina (2016), and 66 West (2017).
The LIHTC-funded housing in Edina offers a range of unit types, including 39 efficiencies, 297 one-bedroom units, 96 two-bedroom units, 24 three-bedroom units, and 4 four-bedroom units. This distribution accommodates various household sizes and needs.
Edina's population has grown steadily over the past decade, increasing from 47,454 in 2010 to 53,037 in 2022, representing an 11.8% growth. This population increase may have contributed to the need for additional affordable housing options.
The city's median income has also increased, rising from $114,060 in 2013 to $125,484 in 2022. Despite this growth in median income, the continued development of LIHTC projects suggests an ongoing need for affordable housing options in this relatively affluent community.
Racial demographics in Edina have remained relatively stable, with a slight decrease in the white population from 85% in 2013 to 83% in 2022. There has been a small increase in Asian, Black, Hispanic, and multi-racial populations. This gradual diversification may have influenced the city's approach to affordable housing development.
Edina's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The program has provided nearly $2.4 million in tax credits, supporting 483 units across approximately 6 projects. The city's affordable housing development has been most active in the 2010s, coinciding with population growth and increasing median income. While the LIHTC-funded units make up a modest percentage of Edina's housing, they play a crucial role in providing affordable options in this suburban community.
