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City of Elk River Housing Plan Updated January 2003 <br /> • <br /> Employers can also participate in activities that address the need for single-family housing. One <br /> resource employers can provide is to create a payroll saving match program to encourage <br /> homeownership. Employers can match contributions that employees make to a saving plan that <br /> will be used for downpayment and closing costs. Projects that include employer participation <br /> can not only access different funding sources, but they also often receive a higher priority when <br /> seeking additional financing options to develop a project. <br /> While the community does have a need to develop a low-income rental project where rents are <br /> based on 30% of income, there is limited funding to develop these projects. Therefore these <br /> units were not included in the recommendation section as in reality the Rural Development 515 <br /> program has a very limited amount of funding to construct any new units. <br /> Multi-family housing within the community will potentially be enhanced through the work of the <br /> Downtown Redevelopment Plan. As part of this planning process a variety of housing options <br /> are being considered including for-sale townhomes, market rate rental units, and senior rental <br /> units. These efforts would not only provide additional housing opportunities for the community <br /> but would also assist in downtown revitalization. <br /> Senior multi-family housing is also a need within the community. Senior housing is vital to <br /> creating life-cycle housing that allows a transition for seniors into lower maintenance housing <br /> • and that also opens up more"starter homes" for new families. <br /> Single Family Housing <br /> The City of Elk River has a substantial need for the addition of new single-family homes. <br /> Through 2005 it is estimated that a total of 700 to 900 new units of single family housing are <br /> needed with the greatest demand for homes prices over $150,000. Much of the new construction <br /> within the community is meeting this price range. It will be more difficult to meet the demand <br /> for units priced under$150,000 where 200 to 300 new units are needed through 2005. <br /> Demand for this housing could be met through a variety of options. The first would be to <br /> incorporate various housing styles into new developments. A subdivision could include a <br /> mixture of housing types that would potentially add townhomes or more modest single-family <br /> homes to reduce the cost of the housing through increased density and reduced housing costs. <br /> More modest single-family homes can be developed utilizing similar design styles, but offer less <br /> finished living space with room for expansion. Twinhomes and townhomes are an option to <br /> provide more units and to reduce the costs of the housing. <br /> Another option would be to target programs that can provide financial and technical resources to <br /> create a subdivision that offers more affordable starter homes. Many communities have worked <br /> through the Building Better Neighborhoods Program of the Greater Minnesota Housing Fund to <br /> create appealing subdivisions that offer new single-family homes and multi-family housing. In <br /> addition to the Greater Minnesota Housing Fund resources can also be leveraged from the Small <br /> Cities Development Program and other resources. <br /> • <br /> 36 <br />