diff --git a/pex/layout.py b/pex/layout.py
index 514e0e205..30724e73b 100644
--- a/pex/layout.py
+++ b/pex/layout.py
@@ -339,6 +339,11 @@ def _ensure_installed(
                     bootstrap_cache = BootstrapDir.create(
                         pex_info.bootstrap_hash, pex_root=pex_info.pex_root
                     )
+                    if pex_info.code_hash is None:
+                        raise AssertionError(
+                            "Expected code_hash to be populated for {}.".format(layout)
+                        )
+                    code_cache = UserCodeDir.create(pex_info.code_hash, pex_root=pex_info.pex_root)
 
                     with atomic_directory(
                         bootstrap_cache, source=layout.bootstrap_strip_prefix()
@@ -357,18 +362,14 @@ def _ensure_installed(
                         install_to=install_to,
                     )
 
-                    if pex_info.code_hash:
-                        code_cache = UserCodeDir.create(
-                            pex_info.code_hash, pex_root=pex_info.pex_root
+                    with atomic_directory(code_cache) as code_chroot:
+                        if not code_chroot.is_finalized():
+                            layout.extract_code(code_chroot.work_dir)
+                    for path in os.listdir(code_cache):
+                        os.symlink(
+                            os.path.join(os.path.relpath(code_cache, install_to), path),
+                            os.path.join(chroot.work_dir, path),
                         )
-                        with atomic_directory(code_cache) as code_chroot:
-                            if not code_chroot.is_finalized():
-                                layout.extract_code(code_chroot.work_dir)
-                        for path in os.listdir(code_cache):
-                            os.symlink(
-                                os.path.join(os.path.relpath(code_cache, install_to), path),
-                                os.path.join(chroot.work_dir, path),
-                            )
 
                     layout.extract_pex_info(chroot.work_dir)
                     layout.extract_main(chroot.work_dir)
diff --git a/pex/util.py b/pex/util.py
index 94d51ea9f..0f935a040 100644
--- a/pex/util.py
+++ b/pex/util.py
@@ -70,8 +70,6 @@ def access_zipped_assets(cls, static_module_name, static_path, dir_location=None
 
 
 class CacheHelper(object):
-    _EMPTY_CODE_HASH = hashlib.sha1().hexdigest()
-
     @classmethod
     def hash(cls, path, digest=None, hasher=sha1):
         # type: (Text, Optional[Hasher], Callable[[], Hasher]) -> str
@@ -88,7 +86,7 @@ def pex_code_hash(
         exclude_dirs=(),  # type: Container[str]
         exclude_files=(),  # type: Container[str]
     ):
-        # type: (...) -> Optional[str]
+        # type: (...) -> str
         """Return a reproducible hash of the user code of a loose PEX; excluding all `.pyc` files.
 
         If no code is found, `None` is returned.
@@ -106,8 +104,7 @@ def pex_code_hash(
                 )
             ),
         )
-        code_hash = digest.hexdigest()
-        return None if code_hash == cls._EMPTY_CODE_HASH else code_hash
+        return digest.hexdigest()
 
     @classmethod
     def dir_hash(cls, directory, digest=None, hasher=sha1):