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Oakdale, Minnesota: LIHTC-Funded Affordable Housing and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Oakdale, a city in Minnesota, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory consists of 697 total units, with 642 designated as low-income units. This represents approximately 6.5% of the city's estimated housing stock of 10,739 units.
Oakdale has received $2,096,840 in project tax credits for affordable housing through the LIHTC program. With approximately 9 projects, this averages $232,982 in federal funding per project. The average federal funding per unit is about $3,008. Oakdale holds 0.72% of Minnesota's total LIHTC funding, indicating a substantial contribution to the state's affordable housing efforts.
The city's involvement with LIHTC-funded affordable housing began in 1996 with the Eastwood Village of Oakdale project and continued through 2016 with the Century North Apartments. This 20-year span demonstrates a long-term commitment to affordable housing in Oakdale. The late 1990s were particularly active, with four projects completed between 1996 and 1998.
Oakdale's LIHTC-funded housing stock offers a range of unit types. The inventory includes 2 efficiencies, 38 one-bedroom units, 285 two-bedroom units, 84 three-bedroom units, and 1 four-bedroom unit. This distribution suggests a focus on accommodating various family sizes, with an emphasis on two-bedroom units.
One notable project, Granada Lakes Townhomes, completed in 2010, targets single heads of household and families of color, addressing the needs of these potentially vulnerable populations.
Over the past decade, Oakdale has experienced modest population growth, increasing from 27,556 in 2013 to 28,029 in 2022. The median income has risen from $71,877 in 2013 to $80,674 in 2022, indicating overall economic improvement.
Racial demographics have shifted significantly. The white population decreased from 78% in 2013 to 67% in 2022, while Asian and Black populations increased from 7% and 6% to 13% and 10%, respectively. This diversification aligns with the targeted populations of some LIHTC projects, such as Granada Lakes Townhomes.
Oakdale's LIHTC-funded affordable housing inventory represents a significant portion of the city's housing stock, covering about 6.5% of estimated units. The city has maintained a consistent approach to affordable housing development over two decades, with a diverse range of unit types to accommodate various household sizes. The changing demographics, including increased racial diversity and rising median income, suggest an evolving need for affordable housing options. The LIHTC program has played a crucial role in addressing these needs, contributing to Oakdale's housing landscape and supporting its diverse population.
