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Affordable Housing in Genoa: LIHTC's Impact on Nevada's First Settlement
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Genoa, Nevada, established as the first settlement in the state, has a population of 436 residents as of 2022. The city's affordable housing landscape is characterized by one Low-Income Housing Tax Credit (LIHTC) funded project.
The LIHTC program has financed 40 affordable housing units in Genoa, including 4 designated low-income units. These units represent approximately 24% of the city's estimated 167 housing units, indicating a significant contribution of LIHTC-funded projects to Genoa's affordable housing options.
Genoa has received $299,620 in project tax credits through the LIHTC program. This equates to an average federal funding of $299,620 per project and $7,490.50 per unit. The city accounts for 0.08% of Nevada's total LIHTC project funding, reflecting a small portion of the state's affordable housing resources.
The sole LIHTC-funded project in Genoa, Crestmore Village Apt. Phase II, was completed in 2001. This development comprises 40 units, consisting of 24 two-bedroom and 16 three-bedroom apartments, addressing various family sizes and housing needs within the community.
Genoa's population has shown a slight increase from 373 in 2020 to 436 in 2022. Concurrently, the median income has decreased from $114,626 in 2020 to $110,376 in 2022, potentially indicating an increasing need for affordable housing options. The city maintains a predominantly white population, with minor increases in diversity. The Hispanic population has fluctuated between 3% and 7% from 2019 to 2022, while the Asian population has remained stable at 2-3% during this period.
In conclusion, the LIHTC-funded Crestmore Village Apt. Phase II project plays a crucial role in Genoa's housing landscape, representing about 24% of the estimated housing inventory. This development, operational since 2001, offers a range of two-bedroom and three-bedroom units to meet diverse housing requirements. Despite Genoa's small share of state LIHTC funding, the project has provided affordable housing options for over two decades. Recent demographic trends, including a slight population increase and gradual decline in median income, suggest a potential growing demand for affordable housing in the community.
