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30 to 40 two-bedroom units priced at $750 to $900 <br />20 to 30 three-bedroom units priced at $850 to $1,000 <br /> <br />30 to 50 units of market rate elderly apartments <br /> 20 to 30 one-bedroom units priced at $600 to $700 <br /> 10 to 20 two-bedroom units priced at $700 to $800 <br /> <br />10 to 20 units of elderly patio homes/cottages <br /> 5 to 10 one-bedroom units priced at $650 to $750 <br /> 5 to 10 two-bedroom units priced at $750 to $850 <br /> <br />200 to 300 new affordable single-family units priced under $150,000 <br /> <br />500 to 600 new market rate single-family units priced over $150,000 <br /> <br />These demand estimates should also take into account recommendations that were found within <br />the Downtown Market Analysis developed by Maxfield Research, h~c. A downtown <br />redevelopment project could meet a substantial portion of the market rate apartments needs for <br />both the general occupancy and the senior population. <br /> <br /> Strategies for Housing Development <br />Growth projections indicate that Elk River will continue to face increased growth through 2005 <br />with a variety of housing options needed. The community has substantial needs in both the multi <br />and single family housing market. <br /> <br />Multi-Family Housing <br />A variety of multi-family needs exist that can be met by both private developments and also <br />through accessing programs available to provide more affordable housing. The community <br />cun'ently offers rental units that were financed through Low Income Housing Tax Credits. These <br />are an excellent resource to develop a rental option that provides reasonably priced rents while <br />providing quality housing. Projects that look to leverage resources including local contribution <br />typically receive a higher priority. <br /> <br />Every employer indicated that more moderate-income housing is needed in the community. As <br />home prices continue to escalate in the community, employers may find even more difficulty <br />with employees finding reasonably priced housing in the community. This can hamper hiring <br />and potentially expansion efforts for area employers. A vital commercial and industrial base is <br />key for a community to support the existing amenities and services that are provided. A <br />collaborative effort could be initiated that partners with area employers to work through housing <br />issues. Employers can participate in the issue by supporting efforts in various maimers. In many <br />areas employers have participated in numerous projects by providing land contribution, cash <br />contribution, low interest construction loan, infrastructure contribution, or the purchase of low <br />income housing tax credits. <br /> <br /> <br />