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Gardnerville: LIHTC-Funded Affordable Housing in a Stable Nevada Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Gardnerville, Nevada, is a community with a population of 6,280 as of 2022. The city has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 31 total units, with 7 designated as low-income units. Based on the estimated housing inventory of 2,406 units, LIHTC-funded affordable housing comprises approximately 1.29% of the city's housing stock.
Gardnerville has received $5,136,533 in project tax credits through the LIHTC program. With approximately 3 projects, this translates to an average federal funding of $1,712,177 per project. The average federal funding per unit is $165,694, considering the total of 31 units in LIHTC-funded projects.
This city holds 1.37% of the total state LIHTC funding, indicating a relatively small portion of Nevada's affordable housing investment is concentrated in Gardnerville.
The first LIHTC project in Gardnerville, Crestmore Village Apartments, was completed in 2000. The most recent project, Parkway Vista Senior Community, was finished in 2014. This span of 14 years demonstrates a sustained, albeit limited, commitment to affordable housing development in the city.
The 2000s saw the most affordable housing activity in Gardnerville, with two of the three projects completed during this decade.
The affordable housing inventory in Gardnerville consists of 1 one-bedroom unit, 17 two-bedroom units, and 12 four-bedroom units. This distribution suggests a focus on accommodating families and larger households.
Over the last decade, Gardnerville's population has remained relatively stable, with minor fluctuations. The median income has shown an overall upward trend, increasing from $48,689 in 2013 to $68,725 in 2022. This rise in median income might partially explain the lack of new LIHTC projects since 2014, as the need for affordable housing may have decreased.
The racial composition of Gardnerville has remained predominantly white, with a decrease from 77% in 2021 to 71% in 2022. The Hispanic population has increased from 13% to 20% during the same period. These demographic shifts may influence future affordable housing needs in the community.
Gardnerville has a limited LIHTC-funded affordable housing inventory, covering just over 1% of the estimated housing stock. The city has received over $5 million in tax credits for affordable housing, spread across approximately three projects. While affordable housing development has been present since 2000, there have been no new LIHTC projects since 2014. The existing units cater primarily to families, with a mix of two- and four-bedroom apartments. The rising median income and stable population over the past decade may have influenced the recent lack of new affordable housing developments. As the city's demographics continue to evolve, particularly with the increase in the Hispanic population, future affordable housing needs may need to be reassessed.
