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Affordable Housing in North Las Vegas: LIHTC Program's Impact on Growing Population
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Las Vegas, Nevada's fourth largest city, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city possesses 2,315 total units in LIHTC-funded projects, with 1,985 designated as low-income units. This inventory comprises approximately 2.15% of the city's estimated 107,486 housing units.
North Las Vegas has received $12,527,806 in project tax credits through the LIHTC program. With approximately 19 projects, this averages to about $659,358 in federal funding per project. The average federal funding per unit is approximately $5,411. North Las Vegas holds 3.35% of Nevada's total LIHTC funding.
The city's LIHTC-funded affordable housing development spans over two decades. The earliest projects, including Saratoga Palms North Apts II and Buena Vista Springs II, were completed in 1998. The most recent project, Rome Pines II - North 5th Street 2, was completed in 2020. The 2000s saw the most affordable housing projects completed, including developments such as Owens Senior, Whispering Palms, and Cheyenne Crossing.
The LIHTC-funded projects in North Las Vegas offer a diverse range of unit types. There are 593 one-bedroom units, 903 two-bedroom units, 466 three-bedroom units, and 31 four-bedroom units. This distribution suggests a focus on accommodating various family sizes and needs within the affordable housing inventory.
North Las Vegas has experienced significant population growth over the past decade, increasing from 226,872 in 2013 to 280,539 in 2022, a 23.7% increase. This population growth coincides with the continued development of LIHTC-funded projects, indicating a growing need for affordable housing options.
The median income in North Las Vegas has risen from $50,133 in 2013 to $75,459 in 2022. Despite this increase, the ongoing development of LIHTC projects suggests a persistent demand for affordable housing options, possibly due to income disparities within the growing population.
Racial demographics in North Las Vegas have remained relatively stable over the past decade. The white population decreased slightly from 30% in 2013 to 24% in 2022. The Hispanic population changed from 42% to 41%, and the Black population increased from 18% to 20%. This diversity underscores the importance of providing affordable housing options that cater to various community needs.
North Las Vegas has a substantial LIHTC-funded affordable housing inventory, covering a small percentage of the city's estimated housing stock. It represents a significant investment in affordable housing over the past two decades. The city's rapid population growth, rising median income, and diverse racial demographics contribute to the ongoing need for affordable housing options. The LIHTC program has played a crucial role in addressing this need, providing a range of unit types to accommodate various household sizes and contributing to the city's overall housing landscape.
