INFORMATION HRSR 03-24-2003 - Laserfiche WebLink

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Ci of Elk River Housing Plan U•dated Janua 2003 • The City also has the need for affordable rental options primarily focused on a townhome-style development. While all housing options should be affordable to a household by not exceeding 30% of that household's income, affordable in this context refers to units that typically serve those earning less than 60% of the area median income. For a family of four these units would serve households earning less than $44,820 per year. Hourly this would equate to a single earner household at approximately $21.50 per hour. Market rate units do not carry any income restrictions and a project targeted towards general occupancy would not carry any age restrictions. While these units are primarily targeted to serve those earning over 60% of the area median income, households earning less than this can also occupy the units. The community will also have continued housing needs from its elderly population. Most subsidized programs define elderly as those age 62 and over. For a market rate unit the scope should be broadened to include those age 55 and over. In addition to apartments, patio homes/cottages are another form of living to accommodate seniors. Designs for patio homes vary but many have features such as one-level living, associations to maintain landscaping and snow removal, and are developed on smaller lots. Single Family Housing The development of single-family housing will be the largest housing need in Elk River through • 2005. Costs illustrated for single-family housing include the total development cost of both the land and the home. Based on the existing market the largest demand for homes will be those priced over$150,000. These homes will also be the easiest to achieve based on local costs for new construction. The community has a demand for homes priced under$150,000. These will be harder to achieve based on the existing market. Townhomes are one form of development that can assist in meeting much of this demand as they tend to utilize less land for development. Other incentives and methods, which are described later, can also be utilized to achieve this housing. The key aspect found in these recommendations is that the City of Elk River is going to need a diversity of housing types to meet future demand. The demand for homes priced over$150,000 will be the easiest need to meet. Many of the other housing demands will require varying levels of participation by the community. A balanced housing stock is a critical component for a community and the following strategies outline varying degrees of changes or initiatives that can be undertaken. • 5