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RENTAL MARKET ANALYSIS <br /> Applicants in Elk River may be eligible for the program if their income is below the current limits <br /> shown in Figure 2, which are set by HUD on an annual basis. <br /> Currently, the HRA is maxed out on the 873 vouchers they issue. Because the majority of these <br /> households have very low incomes, very few could afford rental housing in Elk River without <br /> the assistance of the voucher program. Demand for the program is high, as there is at least a <br /> four year waiting list and currently stands at 3,600 households. The funding for the program is <br /> very low so the HRA cannot issue any more vouchers and the waiting list is currently closed. <br /> The St. Cloud HRA manages their vouchers throughout St. Cloud, Benton, Sherburne, and <br /> Wright Counties. The HRA could not provide the amount being used specifically in Elk River. <br /> FIGURE 2 <br /> Income Limits <br /> Sherburne County <br /> Housing Choice Voucher Program <br /> Fmaily Very <br /> Size Low-Income <br /> 1-Person $29,350 <br /> 2-Persons $33,550 <br /> 3-Persons $37,750 <br /> 4-Persons $41,950 <br /> 5-Persons $45,300 <br /> 6-Persons $48,650 <br /> 7-Persons $52,000 <br /> 8-Persons $55,350 <br /> Source: St.Cloud HRA <br /> Pending Rental Developments in Elk River Elk River <br /> Maxfield Research Inc. interviewed City staff in Elk River to determine pending and planned <br /> rental developments. As of July 2012, the City identified one pending rental development <br /> planned within Elk River. <br /> Duffy Development Company has been approved to build a general occupancy apartment <br /> building on the vacant parcel adjacent to Pullman Place and The Depot at Elk River Station off of <br /> Twin Lakes Road. Duffy Development is planning to pursue a 53-unit Low-Income Housing Tax <br /> Credit (LIHTC) building similar to The Depot at Elk River which they built back in 2010/2011. <br /> The Depot at Elk River Station was fully leased before occupancy. Although approvals have <br /> been granted, there is no financing in place at this time. Dependent on the next round of <br /> MHFA financing approvals in January 2013, Duffy Development would like move forward on <br /> construction at an earliest of spring of 2014. <br /> MAXFIELD RESEARCH INC. 50 <br />