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Silver Springs, Nevada: LIHTC's Impact on Affordable Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Silver Springs, Nevada, maintains a small Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 24 affordable units, all categorized as low-income. Based on the 2022 population of 5,198 and an estimated 1,992 housing units, LIHTC funded affordable housing represents approximately 1.2% of the city's estimated housing inventory.
The city has received $56,976 in project tax credits from the LIHTC program for affordable housing. With one project, this equates to an average federal funding of $56,976 per project and $2,374 per unit. Silver Springs accounts for 0.02% of the total state LIHTC funding in Nevada.
The sole LIHTC funded project in Silver Springs is the Silverado Apartments, completed in 1997. This project has provided affordable housing in the city for over 25 years. The Silverado Apartments consists of 24 one-bedroom units, serving smaller households or individuals in need of affordable housing.
Silver Springs has experienced population fluctuations over the past decade, with a slight overall decrease from 5,377 in 2015 to 5,198 in 2022. The median income has shown an upward trend, increasing from $38,112 in 2015 to $47,975 in 2022, potentially indicating a decreasing need for affordable housing.
The racial composition of Silver Springs has remained relatively stable, with a predominantly white population (82% in 2022). There has been a slight increase in the Hispanic population from 5% in 2019 to 9% in 2022, which may influence future affordable housing needs.
Silver Springs has a single LIHTC funded affordable housing project, the Silverado Apartments, which has served the community since 1997. While the 24 low-income units represent a small portion of the city's estimated housing inventory, they provide essential affordable housing options for residents. The city's demographic trends, including a slight population decrease and increasing median income, suggest that the current LIHTC funded housing may be sufficient for the community's needs. However, ongoing monitoring of demographic changes, particularly the growing Hispanic population, may inform future affordable housing initiatives in Silver Springs.
