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LIHTC Affordable Housing in Zip Code 55033: A Two-Decade Investment
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 55033, located in Hastings, Minnesota, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 256 total units in LIHTC-funded projects, with 229 designated as low-income units. Based on the 2022 population of 30,560 and an estimated 11,709 housing units, LIHTC-funded affordable housing comprises approximately 2.19% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 55033 have received $2,343,100 in project tax credits, averaging about $9,153 per unit in federal funding. This represents 0.8% of Minnesota's total LIHTC funding, indicating a significant investment in affordable housing for this area.
Affordable housing has been present in this zip code for over two decades. The first LIHTC project, Pleasant Ridge Townhomes, was completed in 1997, while the most recent, Artspace Hastings Lofts, was finished in 2017. The 2000s saw the most affordable housing development, with four projects completed during this decade.
The LIHTC-funded housing in zip code 55033 offers a diverse range of unit types. There are 7 efficiencies, 130 one-bedroom units, 70 two-bedroom units, and 49 three-bedroom units, catering to various household sizes and needs.
One notable project, the Guardian Angels Block Redevelopment completed in 2002, specifically targets Temporary Assistance for Needy Families (TANF) recipients. This project addresses the unique needs of families transitioning out of poverty, potentially offering support services alongside affordable housing.
Over the past decade, zip code 55033 has experienced steady population growth, increasing from 29,689 in 2013 to 30,560 in 2022. During this period, the median income rose from $74,454 in 2013 to $86,567 in 2022, suggesting overall economic improvement in the area.
The racial composition of zip code 55033 has remained relatively stable, with a slight decrease in the white population from 93% in 2013 to 89% in 2022. There has been a small increase in diversity, with Hispanic, Asian, and multiracial populations showing slight growth.
The most recent LIHTC project, Artspace Hastings Lofts, was completed in 2017, aligning with a period of continued population growth and rising median incomes. This suggests that despite overall economic improvements, there remained a need for affordable housing options in the community.
Zip code 55033 has a modest but significant LIHTC-funded affordable housing inventory, covering about 2.19% of its estimated housing stock. The area has seen consistent investment in affordable housing over two decades, with projects catering to various needs, including specific populations like TANF recipients. While the zip code has experienced economic growth and slight increases in diversity, the continued development of LIHTC projects through 2017 indicates an ongoing commitment to maintaining affordable housing options in a changing community landscape.
