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City of Elk River Housing Plan Updated January 2003 <br /> • Housing Demand <br /> The following are the recommended number of units for the community through 2005 to meet <br /> area housing needs: <br /> Housing Demand <br /> City of Elk River <br /> 2000-2005 <br /> Single Family Housing Rehabilitation 30 to 50 units <br /> Rental Housing Rehabilitation 20 to 30 units <br /> Low-Income General Occupancy Apartments 24 to 36 units <br /> , Affordable General Occupancy Townhomes 48 to 72 units <br /> Market Rate General Occupancy Apartments 64 to 96 units <br /> Market Rate General Occupancy Townhomes 50 to 70 units <br /> Market Rate Elderly Apartments 30 to 50 units <br /> Elderly Patio Homes/Cottages 10 to 20 units <br /> Affordable Single Family Housing 200 to 300 units <br /> Market Rate Single Family Housing 500 to 600 units <br /> • *Terms outlined in the demand section are defined in latter sections of the plan. <br /> Rehabilitation <br /> As housing units begin to age, they will start to show signs of deterioration. Housing <br /> rehabilitation, which is the repair or replacement of essential components of homes, is essential <br /> to maintaining a community's housing stock over a long period of time. Major housing <br /> rehabilitation activities look to improve problems in a home that may cause a health and safety <br /> issue or improve the energy efficiency of a home. Often times these are repairs that have <br /> substantial costs which require some outside assistance through loans,.low interest loans or <br /> deferred grants. <br /> Multi-Family Housing <br /> Elk River will have a demand for a variety of multi-family housing products over the next five <br /> years. Over the past ten years two general occupancy and one senior apartment have been <br /> developed in Elk River. Much of the multi-family housing development has been concentrated <br /> in for-sale townhomes. The following are the identified needs which are not listed in a priority <br /> order. <br /> The community needs a low-income general occupancy apartment in which rents are based on <br /> 30% of a households income. A project of this nature would primarily serve households with <br /> incomes at 30% or less of the area median income based on family size. For a family of four this <br /> would be an annual salary of$22,410 or$10.75 per hour. There is very little funding available <br /> for a project of this nature; therefore it is not included in the final recommendations as the <br /> • probability of it being developed is unlikely. <br /> 4 <br />