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Affordable Housing in Sheep Mountain: LIHTC Funded Units and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sheep Mountain, a neighborhood in Las Vegas, Nevada, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 166 total units in LIHTC funded projects, with 159 designated as low-income units. Based on the 2022 population of 34,386 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 13,175 units. The LIHTC funded affordable housing comprises about 1.26% of this estimated housing inventory, indicating that affordable housing constitutes a small portion of the neighborhood's housing stock.
The LIHTC program has invested significantly in Sheep Mountain, with project tax credits totaling $3,426,078. This equates to an average federal funding of approximately $20,639 per unit in LIHTC funded projects. The neighborhood has seen LIHTC funded affordable housing projects completed from 2010 to 2012, demonstrating a concentrated period of affordable housing development. The first project, Decatur Pines, was completed in 2010, while the most recent, Decatur Pines 2, was finished in 2012. This indicates that affordable housing has been present in the neighborhood for over a decade.
The 2010-2012 period saw the most affordable housing completions in Sheep Mountain. Notable projects include Silver Sky At Deer Springs (2011) and the aforementioned Decatur Pines developments. The housing stock primarily consists of one-bedroom units (120) and two-bedroom units (19), suggesting a focus on smaller household sizes or individuals.
Over the past decade, Sheep Mountain has experienced steady population growth, increasing from 27,413 in 2013 to 34,386 in 2022. This 25.4% population increase may indicate a growing demand for housing, including affordable options. The median income has fluctuated but generally remained high, ranging from $87,413 in 2014 to $108,193 in 2021, before slightly decreasing to $97,650 in 2022. This high median income might suggest a lesser need for extensive affordable housing options, potentially explaining the lack of new LIHTC projects since 2012.
The racial composition of Sheep Mountain has remained relatively stable, with the white population consistently representing the majority (56-62% over the past decade). There has been a slight increase in diversity, with small growths in the Hispanic, Black, and multi-racial populations. This demographic stability might partially explain the lack of new LIHTC developments in recent years.
Sheep Mountain's LIHTC funded affordable housing inventory, while present, comprises a small portion of the estimated housing stock. The neighborhood saw concentrated affordable housing development from 2010 to 2012, primarily focusing on one and two-bedroom units. Despite steady population growth and high median incomes, no new LIHTC projects have been developed since 2012. This could be due to the neighborhood's relatively high median income and stable demographic composition, potentially indicating a lesser need for additional affordable housing options through the LIHTC program.
