Nevada Housing Division releases report on multi-family housing availability


Contact

Teri Williams
Public Information Officer
(702) 486-0407
Carson City, NV - March 23, 2015

The Nevada Housing Division (NHD) has published its annual report on affordable multi-family housing, Taking Stock: Nevada’s 2014 Affordable Apartment Survey.  The report was issued after carrying out a survey of the Division’s Low Income Housing Tax Credit properties during the fourth quarter of 2014.

The survey focused on Nevada’s Low Income Housing Tax Credit (LIHTC) properties which account for 23,740 units statewide. The LIHTC program, administered by the Division, allocates Nevada’s share of federal housing tax credits each year to developers for specific affordable apartment communities for seniors and families.

The 2014 annual survey found:

·         Decreased vacancy trends highlight the need for more affordable housing. The overall vacancy rate for LIHTC properties decreased by two points from 7 percent in the 4th quarter of 2013 to 5 percent in the 4th quarter of 2014.

·         High demand for one bedroom units in mining workforce centers. Vacancy rates for LIHTC one bedroom units in mining counties was 0.6%.

·         Need is great for affordable senior housing throughout the state. Senior and senior/disabled properties reported vacancy rates at least 2.5 points lower than family properties.

·         Nine percent of LIHTC properties advertise specifically to veterans.

·         Waiting lists existed at over 60% of LIHTC communities.

·         LIHTC properties reported a reduced level of rent skipping at 13 per year - per hundred units in 2014 as compared to 15 per year - per hundred units in 2013.

To view the full report, please visit the Nevada Housing Division’s website- http://housing.nv.gov.

About the Nevada Housing Division

The Nevada Housing Division was created by the Nevada Legislature in 1975, when it was recognized that a shortage of safe, decent, and sanitary housing existed throughout the State for low- and moderate-income Nevadans. Their mission is to improve quality of life by providing affordable housing opportunities. For more information visit www.housing.nv.gov.