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Affordable Housing Analysis in Zip Code 89801: LIHTC Investments in Elko, 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 89801 in Elko, Nevada, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, comprising 210 total units, of which 182 are designated as low-income units. This zip code encompasses an area of 1,389.95 square miles, with an estimated population of 21,304 in 2022. Based on the national average household size of 2.61, the estimated number of housing units in this zip code is approximately 8,162. The LIHTC-funded affordable housing units represent about 2.57% of the estimated total housing inventory in the area.
The LIHTC projects in zip code 89801 have received $2,442,931 in tax credits, averaging about $11,633 per unit. This funding represents 0.65% of the total LIHTC credits allocated to the state of Nevada, indicating a notable investment in affordable housing for this area.
Affordable housing has been present in this zip code for nearly two decades. The earliest LIHTC projects, Mountain Shadows Apartments and Sunrise Apartments, were completed in 2001. The most recent project, Woodlands Village Apartments, was completed in 2018, demonstrating ongoing investment in affordable housing over time.
The 2000s saw the most affordable housing development, with projects like Cimarron Village (2006) and Quail Run at River's Edge (2007) being completed. The 2010s also saw continued development with projects such as Sage West I & II (2013) and Winchester Court (2015).
The LIHTC-funded housing in zip code 89801 offers a diverse range of unit types. There is 1 efficiency unit, 110 one-bedroom units, 66 two-bedroom units, and 25 three-bedroom units, catering to various household sizes and needs.
Over the past decade, the population in zip code 89801 has grown from 18,659 in 2013 to 21,304 in 2022, an increase of about 14%. During this period, the median income has remained relatively stable, ranging from $78,841 in 2013 to $80,382 in 2022, with some fluctuations in between.
The racial composition of the area has shown some changes. The white population decreased from 65% in 2013 to 60% in 2022, while the Hispanic population increased from 24% to 29% during the same period. The Native American population has remained relatively stable at around 5-6%.
The continued development of LIHTC projects throughout this period suggests a recognition of the ongoing need for affordable housing despite the relatively high median income in the area.
Zip code 89801 in Elko, Nevada, has a modest but significant LIHTC-funded affordable housing inventory, representing about 2.57% of the estimated total housing units. The area has seen consistent investment in affordable housing over nearly two decades, with projects catering to various household sizes. While the population has grown and become more diverse over the past decade, the continued development of LIHTC projects indicates an ongoing commitment to providing affordable housing options in this community.
