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Affordable Housing Analysis in Zip Code 89406: Long-term LIHTC Development in Fallon, Nevada
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 89406 in Fallon, Nevada, contains 184 total units of LIHTC-funded affordable housing, with 147 designated as low-income units. This zip code encompasses 5,017.62 square miles and has a population of 25,339 as of 2022. The estimated housing inventory for this zip code is approximately 9,708 units, based on the national average household size of 2.61. LIHTC-funded affordable housing represents about 1.9% of the estimated housing units in the zip code.
The LIHTC projects in zip code 89406 have received $11,237,212 in project tax credits, averaging approximately $61,072 per unit in federal funding. This zip code accounts for 3% of the total state LIHTC funding, indicating a significant allocation of resources for affordable housing in this area.
Affordable housing development in this zip code spans from 1991 to 2014. The earliest LIHTC project, Arborwood I Apartments, was completed in 1991, while the most recent, Indigo Village Apartments, was finished in 2014. The 1990s saw the most affordable housing activity, with projects like Arborwood I, II, and III Apartments completed in consecutive years from 1991 to 1993, followed by Stillwater Apts in 1995.
The LIHTC-funded housing in zip code 89406 offers 64 one-bedroom units, 106 two-bedroom units, and 14 three-bedroom units, accommodating various household sizes. Several projects, including Arborwood I, II, and III Apartments, are designed for residents with handicaps, indicating a focus on accessible housing for individuals with special needs.
Over the past decade, the population in zip code 89406 has increased from 24,283 in 2014 to 25,339 in 2022. The median income has risen from $54,062 in 2014 to $63,923 in 2022, suggesting an improvement in economic conditions. The racial distribution has remained relatively stable, with a slight decrease in the white population from 75% in 2014 to 71% in 2022, and a small increase in the Hispanic population from 12% to 15% during the same period. The Asian, Black, and Native American populations have remained relatively constant.
Despite these demographic changes, there has not been significant LIHTC development in zip code 89406 since 2014. This could indicate that the existing affordable housing stock is meeting current needs or that other factors are influencing affordable housing development in the area.
Zip code 89406 has a diverse LIHTC-funded affordable housing inventory developed over several decades. While it covers a small percentage of the estimated housing units, it represents a significant portion of Nevada's LIHTC funding. The projects cater to various needs, including specialized housing for individuals with handicaps. The area has experienced gradual population growth and income increases over the past decade, with slight shifts in racial demographics. These trends, along with the existing affordable housing stock, may be influencing the pace of recent LIHTC development in the zip code.
