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St. Louis Park's LIHTC-Funded Affordable Housing: Two Decades 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
St. Louis Park, a city in Minnesota, has developed affordable housing through the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 374 total units, with 187 designated as low-income units. Based on the estimated housing inventory of 18,966 units, LIHTC-funded affordable housing represents approximately 1.97% of the city's housing stock.
St. Louis Park has received $290,663 in project tax credits for affordable housing through the LIHTC program. With four projects, this amounts to an average federal funding of $72,666 per project and $777 per unit. The city holds 0.1% of the total state LIHTC funding, indicating a modest contribution to Minnesota's affordable housing efforts.
Affordable housing has been part of St. Louis Park's development for over two decades. The first LIHTC project, Park Glen Townhomes, was completed in 1997, while the most recent addition, The Shoreham On France, was finished in 2017. This 20-year span demonstrates the city's ongoing commitment to affordable housing development.
The 2000s saw the most activity in affordable housing construction, with two projects completed during this decade: Urban Park Apartments in 2004 and Louisiana Court in 2006. This period marks a significant expansion of affordable housing options in the city.
The LIHTC-funded housing stock in St. Louis Park offers a diverse range of unit types. The inventory includes 7 efficiencies, 154 one-bedroom units, 153 two-bedroom units, and 26 three-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Over the past decade, St. Louis Park has experienced steady population growth, increasing from 45,364 in 2012 to 49,500 in 2022. This 9.1% growth may have contributed to the need for additional affordable housing, as evidenced by the completion of The Shoreham On France project in 2017.
The city's median income has also seen a significant rise, growing from $81,215 in 2013 to $96,966 in 2022, representing a 19.4% increase. Despite this overall income growth, the continued development of affordable housing suggests a persistent need for low-income options in the face of rising living costs.
Racial demographics in St. Louis Park have remained relatively stable over the past decade, with a slight decrease in the white population from 81% in 2013 to 78% in 2022. There has been a small increase in the Asian population from 3% to 5%, and the Hispanic population from 3% to 5% during the same period. This gradual diversification may influence future affordable housing needs and planning.
St. Louis Park's LIHTC-funded affordable housing inventory plays a crucial role in addressing the city's housing needs. With 374 total units and 187 low-income units, the program contributes to about 1.97% of the city's estimated housing stock. The city has seen consistent development of affordable housing projects over two decades, with the most active period being the 2000s. The diverse range of unit types caters to various household sizes within the low-income population. While the city has experienced population growth and rising median incomes, the continued development of affordable housing suggests an ongoing need for low-income housing options. The gradual racial diversification of the city may also influence future affordable housing planning and development.
