INFORMATION HRSR 03-24-2003 - Laserfiche WebLink

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City of Elk River Housing Plan Updated January 2003 • 50 to 70 units of market rate general occupancy townhomes 30 to 40 two-bedroom units priced at $750 to $900 20 to 30 three-bedroom units priced at $850 to $1,000 30 to 50 units of market rate elderly apartments 20 to 30 one-bedroom units priced at $600 to $700 10 to 20 two-bedroom units priced at $700 to $800 10 to 20 units of elderly patio homes/cottages 5 to 10 one-bedroom units priced at $650 to $750 5 to 10 two-bedroom units priced at $750 to $850 200 to 300 new affordable single-family units priced under$150,000 500 to 600 new market rate single-family units priced over$150,000 These demand estimates should also take into account recommendations that were found within the Downtown Market Analysis developed by Maxfield Research, Inc. A downtown redevelopment project could meet a substantial portion of the market rate apartments needs for both general occupancy and senior populations. • Strategies for Housing Development Growth projections indicate that Elk River will continue to face increased growth through 2005 with a variety of housing options needed. The community has substantial needs in both the multi and single family housing market. Multi-Family Housing A variety of multi-family needs exist that can be met by both private developments and also through accessing programs available to provide more affordable housing. The community currently offers rental units that were financed through Low Income Housing Tax Credits. These are an excellent resource to develop a rental option that provides reasonably priced rents while providing quality housing. Projects that look to leverage resources including local contribution typically receive a higher priority. Every employer indicated that more moderate-income housing is needed in the community. As home prices continue to escalate in the community, employers may find even more difficulty with employees finding reasonably priced housing in the community. This can hamper hiring and potential expansion efforts for area employers. A vital commercial and industrial base is key for a community to support the existing amenities and services that are provided. A collaborative effort could be initiated with area employers to address any housing concerns and develop housing initiatives. Employers can participate in the issue by supporting efforts in various manners. In many areas employers have participated in numerous projects by providing land contribution, cash contribution, low interest construction loan, infrastructure contribution, or • the purchase of low income housing tax credits. 35