Loading Content...
Affordable Housing in Sparks, Nevada: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sparks, Nevada possesses a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 848 total units in LIHTC-funded projects, with 822 designated as low-income units. This inventory comprises approximately 2% of the city's estimated 41,849 housing units.
Sparks has received $11,654,236 in project tax credits through the LIHTC program. With 9 projects, this equates to an average federal funding of $1,294,915 per project or $13,744 per unit. Sparks holds 3.11% of Nevada's total LIHTC funding, indicating a significant portion of the state's affordable housing efforts.
The city's LIHTC-funded housing development spans over two decades, from 2000 to 2016. The 2000s saw the most activity in affordable housing development, with five projects completed during this period. The LIHTC-funded housing in Sparks offers a diverse range of unit types, including 293 one-bedroom, 323 two-bedroom, 8 three-bedroom, and 1 four-bedroom units.
Sparks experienced significant population growth from 2013 to 2022, increasing from 93,281 to 109,227, a 17% rise. This growth coincided with a substantial increase in median income, from $52,804 in 2013 to $81,512 in 2022, representing a 54% increase.
The racial composition of Sparks has remained relatively stable, with a slight decrease in the white population (from 67% in 2013 to 56% in 2022) and an increase in the Hispanic population (from 21% in 2013 to 28% in 2022). The Asian population increased slightly from 5% to 6% during this period.
Despite population growth and rising median income, the completion of LIHTC projects has slowed in recent years, with the last recorded project finished in 2016. This trend may be attributed to the rising median income, potentially reducing the perceived need for additional affordable housing units.
Sparks, Nevada has an established LIHTC-funded affordable housing inventory that covers a small but significant portion of its housing stock. The city has received substantial federal funding for these projects, which provide a range of unit types to meet diverse housing needs. While population growth and rising median incomes have been notable trends in the past decade, the development of new LIHTC projects has slowed. This analysis demonstrates the complex relationship between demographic shifts, economic growth, and affordable housing development in Sparks.
