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Affordable Housing in Paradise: 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
Paradise, Nevada, is a community in Clark County, adjacent to Las Vegas. This area has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. Paradise has 2,478 total units in LIHTC funded projects, with 2,449 designated as low-income units. Based on the estimated housing inventory of 70,238 units, LIHTC funded affordable housing comprises approximately 3.5% of the city's housing stock.
The city has received $7,023,723 in project tax credits for affordable housing through the LIHTC program. With 17 approximate projects, this equates to an average of $413,160 in federal funding per project. When distributed across all LIHTC funded units, it amounts to $2,834 per unit. Paradise holds 1.88% of Nevada's total LIHTC funding, indicating a portion of the state's affordable housing investment.
Affordable housing has been present in Paradise for over three decades. The earliest recorded LIHTC project, Tammany Hall Apts II, was completed in 1991. The most recent project, ASI Veterans Supportive Housing II, was finished in 2019, demonstrating the city's continued commitment to affordable housing.
The 2000s saw significant affordable housing development in Paradise. Notable projects from this period include Los Pecos Apartments, Parkview Point, and Harrison Pines Senior Apts, all completed in 2004. This decade marked a period of growth in the city's affordable housing inventory.
Paradise's LIHTC funded housing stock offers a range of unit types. The inventory includes 55 efficiencies, 623 one-bedroom units, 1,008 two-bedroom units, 24 three-bedroom units, and 3 four-bedroom units. This distribution caters to various household sizes within the low-income population.
Demographic trends over the last decade show correlation with LIHTC development. The population has fluctuated, peaking at 242,266 in 2018 before declining to 183,321 in 2022. Median income has increased from $45,201 in 2013 to $55,578 in 2022, potentially indicating a growing need for affordable housing options. The racial composition has become more diverse, with the Hispanic population growing from 33% in 2013 to 39% in 2022, while the white population decreased from 46% to 32% during the same period.
In summary, Paradise has a significant LIHTC funded affordable housing inventory that has developed over three decades. While it covers a small percentage of the total estimated housing stock, it represents a substantial investment in addressing affordable housing needs. The city's changing demographics and rising median income suggest an ongoing need for affordable housing options, which the LIHTC program continues to support.
