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Affordable Housing Analysis in Zip Code 89040: Rural Nevada's LIHTC Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Moapa Valley, located in Nevada's zip code 89040, is a rural area spanning 2,427.59 square miles. The zip code has a total of 69 LIHTC-funded affordable housing units, with 50 of these designated as low-income units. Based on the 2022 population of 8,623 and an estimated 3,304 housing units, the LIHTC-funded affordable housing covers approximately 2.09% of the zip code's estimated housing inventory.
The LIHTC program has invested $300,540 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of about $4,356 per unit. Notably, this zip code accounts for 0.08% of Nevada's total LIHTC funding allocation.
Affordable housing has been present in this zip code since 1996, with the most recent project completed in 2019, spanning over two decades of LIHTC investment. The 1990s saw the completion of two projects: Shadow Creek Apartments in 1996 and Shadow Creek II Apartments in 2000. The most recent addition, Carefree Living Overton Apts., was completed in 2019.
The housing mix in these LIHTC projects primarily consists of one-bedroom and two-bedroom units. Specifically, there are 49 one-bedroom units and 16 two-bedroom units across the projects.
Over the past decade, the population in this zip code has grown from 7,563 in 2013 to 8,623 in 2022, indicating a steady increase. Median income has fluctuated, rising from $60,249 in 2013 to $69,111 in 2022, with peaks and troughs in between. The racial composition has remained relatively stable, with a slight increase in the white population from 71% in 2013 to 84% in 2022, and a decrease in the Hispanic population from 22% to 9% over the same period.
The completion of the Carefree Living Overton Apts. in 2019 coincides with a period of population growth and income fluctuation, suggesting a response to changing housing needs in the area.
The 89040 zip code area has seen a modest but consistent LIHTC investment over the past two decades, with projects strategically placed to address evolving housing needs. While the affordable housing stock represents a small portion of the estimated total housing units, it provides crucial support for low-income residents in this rural Nevada community. The demographic trends, including population growth and income changes, have likely influenced the timing and scale of LIHTC project developments in the area.
