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Affordable Housing in Panaca: LIHTC's Impact on a Small Nevada Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Panaca, located in Nevada, has a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has a total of 52 affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 72 units, the LIHTC funded affordable housing covers approximately 72% of the city's housing stock. This significant proportion indicates that affordable housing plays a substantial role in Panaca's residential landscape.
Panaca has received $259,041 in project tax credits from the LIHTC program. With one approximate project, this translates to an average federal funding of $259,041 per project and $4,982 per unit. The city holds 0.07% of Nevada's total state LIHTC funding, representing a small but notable portion of the state's affordable housing efforts.
The sole LIHTC project in Panaca, "Carefree Living Lincoln County," was completed in 2016. This project marks the beginning of LIHTC-funded affordable housing in the city. The housing inventory consists of 52 total units, including 5 one-bedroom units and 1 two-bedroom unit. The absence of efficiencies and larger units suggests a focus on smaller households or individuals.
Over the last decade, Panaca's population has shown some fluctuation, decreasing from 261 in 2014 to 188 in 2022. Despite this population decline, the median income has risen significantly from $44,929 in 2014 to $66,171 in 2022, indicating an overall improvement in economic conditions for residents.
The racial composition of Panaca has remained relatively stable, with a predominantly white population (91% in 2022). There has been a slight increase in diversity, with small percentages of Native American (4%), Black (1%), and Hispanic (1%) residents in recent years.
The completion of the LIHTC project in 2016 coincides with a period of relative population stability and increasing median income. This suggests that the affordable housing project may have helped maintain the local population by providing housing options for lower-income residents during a time of economic growth.
Panaca's LIHTC funded affordable housing inventory, while consisting of a single project, represents a significant portion of the city's estimated housing stock. The "Carefree Living Lincoln County" project, completed in 2016, has provided 52 low-income units, primarily consisting of one-bedroom apartments. This affordable housing development coincided with a period of increasing median income and relatively stable population, potentially contributing to the city's ability to retain residents across various income levels. The city's small share of Nevada's LIHTC funding reflects its size and specific housing needs within the broader context of the state's affordable housing initiatives.
