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Affordable Housing in Rancho Charleston: LIHTC Impact on Las Vegas Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rancho Charleston, a neighborhood in Las Vegas, Nevada, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 790 total units in LIHTC-funded projects, with 787 designated as low-income units. Based on the 2022 population of 41,109 and the national average household size, the estimated housing inventory is approximately 15,751 units. The LIHTC-funded affordable housing represents about 5% of the neighborhood's estimated housing stock, indicating a notable contribution to affordable housing needs in the area.
The LIHTC program has invested significantly in Rancho Charleston, with project tax credits totaling $1,305,346. This translates to an average federal funding of about $1,652 per unit in LIHTC-funded projects. The neighborhood has benefited from LIHTC-funded affordable housing for over two decades, with the first project, Arville/Greenville Apartments, completed in 1998, and the most recent, Wood Creek Apartments, finished in 2003.
The 1990s saw the largest affordable housing development in Rancho Charleston, with the Arville/Greenville Apartments project adding 558 units, including 555 low-income units. This project features a mix of unit sizes, predominantly two-bedroom apartments (429 units), along with 128 three-bedroom units and a single one-bedroom unit.
Wood Creek Apartments, completed in 2003, added another 232 units to the affordable housing inventory, all of which are designated as low-income. This project offers a diverse range of unit sizes, including 24 one-bedroom, 112 two-bedroom, and 32 four-bedroom apartments. In total, the LIHTC-funded projects in Rancho Charleston provide a variety of housing options, including 25 one-bedroom, 541 two-bedroom, 128 three-bedroom, and 32 four-bedroom units. This diverse mix caters to different household sizes and needs within the low-income community.
Over the past decade, Rancho Charleston has experienced some demographic shifts. The population has remained relatively stable, with a slight decrease from 42,155 in 2015 to 41,109 in 2022. However, the median income has shown an upward trend, increasing from $46,517 in 2015 to $49,790 in 2022, indicating a gradual improvement in economic conditions. The racial composition of the neighborhood has also evolved. The Hispanic population, which constituted about 49% of residents in 2015, increased to 50% by 2022. Simultaneously, the White population decreased from 34% to 25%, while the Asian population grew from 5% to 9%. The Black population also saw a slight increase from 6% to 10% during this period.
These demographic changes, particularly the rise in median income and shifts in racial composition, may have influenced the need for additional LIHTC-funded housing in recent years. The absence of new LIHTC projects since 2003 could be partially attributed to these evolving demographics and potentially changing housing needs in the neighborhood.
Rancho Charleston's LIHTC-funded affordable housing inventory, while representing a small portion of the estimated housing stock, provides a significant number of low-income units. The neighborhood has benefited from two major LIHTC projects completed between 1998 and 2003, offering a diverse range of unit sizes to accommodate various household needs. While no new LIHTC projects have been developed in the last decade, the existing inventory continues to play a crucial role in addressing affordable housing needs. The neighborhood's changing demographics, including a rising median income and shifts in racial composition, may be factors influencing the current affordable housing landscape in Rancho Charleston.
