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Affordable Housing in Las Vegas: Three Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Las Vegas has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 7,342 total units in LIHTC-funded projects, with 5,761 of these designated as low-income units. Based on the estimated housing inventory of 251,457 units, LIHTC-funded affordable housing represents approximately 2.9% of the city's housing stock.
Las Vegas has received $48,794,497 in project tax credits for affordable housing through the LIHTC program. With approximately 70 projects, this translates to an average of $697,064 in federal funding per project. When divided by the total number of units, it equates to about $6,645 in federal funding per unit. Las Vegas holds 13.03% of Nevada's total LIHTC funding, indicating a substantial portion of the state's affordable housing resources.
The city's LIHTC-funded affordable housing development spans over three decades, with the earliest recorded project, Cleveland Gardens, completed in 1988, and the most recent projects, City Impact and Tenaya Senior Apartments, finished in 2019. The 2000s saw the most affordable housing development, with numerous projects completed during this decade.
Las Vegas' LIHTC-funded housing inventory includes a diverse mix of unit types. The breakdown shows 322 efficiencies, 2,081 one-bedroom units, 2,879 two-bedroom units, 852 three-bedroom units, and 96 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a predominance of one and two-bedroom units.
Some projects cater to specific populations. For instance, St. Vincent H.E.L.P. I (B), completed in 1999, targets Single Room Occupancy (SRO), addressing the needs of individuals requiring minimal housing arrangements.
Analyzing demographic trends over the last decade, Las Vegas has experienced steady population growth, increasing from 613,590 in 2014 to 656,302 in 2022. The median income has also risen significantly, from $50,291 in 2014 to $68,905 in 2022, potentially impacting affordable housing needs. Racial distribution has remained relatively stable, with a slight decrease in the white population and small increases in Hispanic and Asian populations.
In summary, Las Vegas has a substantial LIHTC-funded affordable housing inventory, representing a small but significant portion of its housing stock. The city has consistently developed affordable housing projects over the past three decades, with a diverse range of unit types to accommodate different household sizes. While the LIHTC program has contributed significantly to affordable housing in Las Vegas, other programs may also be addressing the city's affordable housing needs.
