Loading Content...
Affordable Housing in Zip Code 89123: Analysis of LIHTC Funded Projects in Paradise, Nevada
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 89123, located in Paradise, Nevada, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This area has 657 total units in LIHTC funded projects, with 626 designated as low-income units. Based on the 2022 population of 61,291 and an estimated 23,483 housing units, LIHTC funded affordable housing comprises approximately 2.8% of the zip code's housing inventory.
The LIHTC projects in zip code 89123 have received $52,572,860 in tax credits, averaging about $80,018 per unit in federal funding. This amount represents 14.04% of Nevada's total LIHTC funding, indicating substantial investment in affordable housing in this area.
Affordable housing has been present in zip code 89123 for nearly two decades. The earliest LIHTC project, Villanova Apartments, was completed in 2003, while the most recent, Agate Seniors, was finished in 2015. The 2010s saw the most activity, with three projects completed during this decade: Dr. Luther Mack Jr. Senior Apartments (2013), Dr. Paul Meacham (2014), and Agate Seniors (2015).
The LIHTC funded housing in zip code 89123 offers a diverse range of unit types. There is 1 efficiency unit, 137 one-bedroom units, 220 two-bedroom units, and 1 three-bedroom unit. This distribution suggests a focus on accommodating smaller households and potentially seniors.
Over the past decade, zip code 89123 has experienced fluctuations in population, with overall growth from 60,560 in 2012 to 61,291 in 2022. The median income has also increased, rising from $66,803 in 2013 to $75,958 in 2022. This economic growth may have influenced the need for affordable housing in the area.
Racial demographics have shifted noticeably in zip code 89123. The white population decreased from 56% in 2013 to 44% in 2022, while the Asian population increased from 9% to 19% during the same period. The Hispanic population remained relatively stable, around 21-23%. These changes in racial composition may reflect evolving housing needs in the community.
Zip code 89123 in Paradise, Nevada, has a significant LIHTC funded affordable housing presence, representing 14.04% of the state's total LIHTC funding. The area has seen consistent development of affordable housing projects from 2003 to 2015, with a focus on smaller units. While the LIHTC funded units cover only a small percentage of the estimated housing inventory, they represent a substantial investment in addressing affordable housing needs. The changing demographics, including population growth, increasing median income, and shifting racial composition, suggest an evolving community that may continue to benefit from affordable housing initiatives.
