4.0. SR 12-03-2001 - Laserfiche WebLink

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Housing Demand The following are the recommended number of units for the community through 2005 to meet area housing needs: Housing Demand City of Elk River 2000-2005 Single Family Housing Rehabilitation 30 to 50 units Rental Housing Rehabilitation 20 to 30 units Low-Income General Occupancy Apartments 24 to 36 units Affordable General Occupancy Townhomes 48 to 72 units Market Rate General Occupancy Apartments 64 to 96 units Market Rate General Occupancy Tow~omes 50 to 70 units Market Rate Elderly Apartments 30 to 50 units Elderly Patio Homes/Cottages 10 to 20 units Affordable Single Family Housing 200 to 300 units Market Rate Single Fmnily Housing 500 to 600 units *Terms outlined in the demand section are defined in latter sections of the plan. Rehabilitation As housing units begin to age, they will start to show signs of deterioration. Housing rehabilitation, which is the repair or replacement of essential components of the homes, is essential to maintaining a community's housing stock over a long period of time. Major housing rehabilitation activities look to improve problems in a home that may cause a health and safety issue or improve the energy efficiency of a home. Often times these are repairs that have substantial costs which often require some outside assistance through loans, low interest loans or deferred grants. Multi-Family Housing Elk River will have a demand for a variety of multi-family housing products over the next five years. Over the past ten years two general occupancy and one senior apartment have been developed in Elk River. Much of the multi-family housing development has been concentrated in for-sale towrdlornes. The following are the identified needs which are not listed in a priority order. The community needs a low-income general occupancy apartment in which rents are based on 30% of a households income. A project of this nature would primarily serve households with incomes at 30% or less of the area median income based on family size. For a family of four this would be an annual salary of $22,410 or $10.75 per hour. There is very little funding available for a project of this nature; therefore it is not included in the final recommendations as the probability of it being developed is unlikely.