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Affordable Housing Analysis in Zip Code 89316: Eureka's Single LIHTC Project
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 89316, located in Eureka, Nevada, has a population of 1,151 as of 2022. This zip code contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides 12 low-income units. Based on the estimated housing inventory of approximately 441 units, the LIHTC funded affordable housing represents about 2.72% of the zip code's housing stock.
The LIHTC project in zip code 89316 received $42,743 in tax credits, averaging $3,562 per unit. This funding constitutes 0.01% of Nevada's total LIHTC allocation, indicating a relatively small investment in affordable housing for this area.
The single LIHTC project in this zip code, Ruby Hills Apts, was completed in 1995. This project has been providing affordable housing in the area for over 25 years. All 12 units in the project are one-bedroom apartments, suggesting a focus on housing for individuals or small households.
Over the past decade, the population in zip code 89316 has fluctuated, with a general downward trend from 1,415 in 2020 to 1,151 in 2022. The median income has also experienced variability, decreasing from $75,846 in 2020 to $74,994 in 2022. This slight decline in income may indicate a potential need for affordable housing options.
The racial composition of zip code 89316 has remained predominantly white, with a slight decrease from 93% in 2020 to 87% in 2022. There has been a small increase in the Hispanic population, rising from 4% in 2020 to 9% in 2022. The Native American population has remained stable at around 2-3% during this period.
Zip code 89316 in Eureka, Nevada, has a single LIHTC funded affordable housing project that has been serving the community since 1995. This project provides 12 low-income units, covering only a small percentage of the estimated housing inventory. The area has experienced slight population decline and income fluctuations in recent years, which could impact the demand for affordable housing. The racial composition has remained relatively stable, with a small increase in Hispanic representation. Given the limited LIHTC investment in this area, further analysis of housing needs and potential for additional affordable housing development may be warranted.
