Many extremely low income households sustain severe rent burden, report says

Most extremely low income households — those below 30 percent area median income — experience a severe rent burden, according to a new report on multifamily housing affordability released Thursday.

The report, titled “Taking Stock: Nevada’s 2013 Affordable Apartment Survey,” was issued by the Nevada Housing Division after a survey of Low Income Housing Tax Credit properties was conducted during the fourth quarter.

Nevada’s Low Income Housing Tax Credit (LIHTC) properties account for 24,317 units statewide.

The LIHTC program, administered by the Housing Division, allocates Nevada’s share of federal housing tax credits each year to developers for specific affordable apartment communities for seniors and families.

The survey also found:

— Nevada has a higher than average number of LIHTC units per household compared to the national average.

— Highest average rents for LIHTC properties were reported in Washoe County.

— Average vacancy rates for affordable units were higher in Las Vegas than in Reno.

— Senior housing had lower vacancy rates than family housing.