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RECOMMENDATIONS AND CONCLUSIONS <br />Market Rate General Occupancy Rental TownhomesIn addition to the recommended <br />traditional multi-story apartment projects, we find demand exists for larger townh <br />units for families -including those who are new to the community and want to rent until <br />they find a home for purchase. An additional 50 to 60 rental townhome units could be <br />supported in Elk River over this decade. We recommend a project with rents starting at <br />approximately $1,200 for two-bedroom units to $1,500 for three-bedroom units. Units <br />should feature contemporary amenities (i.e. in-unit washer/dryer, high ceilings, etc.) and <br />an attached two car garage. <br />Affordable General Occupancy Multifamily HousingThere have been three affordable <br />developments built since 2007 in Elk River. These developments <br />successful and have maintained nearly 100% occupancy since openiUnlike the market <br />rate supply, existing affordable properties are typically dominailies with children <br />who find it more difficult to afford ownership property and mark <br />The success of the moderate income affordable Coachman Ridge (53 <br />by Duffy Development near the transit station continues to suppoe excess demand <br />shown for affordable housing. These projects would have income-restrictions established <br />by HUD and would likely target households with incomes between 5 <br />median income; however some could be workforce units with affordability up to <br />AMI. <br />We find that demand exists for about 100 affordable units through 2025. Affordable <br />housing attracts households that cannot afford market rate housi <br />income-qualify for deep subsidy housing. Affordable projects attract a br <br />people based of tenants based on the unit type. One-bedroom units target singles and <br />couples, whereas two and three-bedroom units target families. Some retired seniors <br />would also be attracted to an affordable concept. We recommend an afford <br />that would target residents at 50% to 60% AMI. A workforce hous <br />households from 80% to 120% AMI could also be pursued in Elk River. <br />Affordable General Occupancy Rental TownhomesRental townhomes affordable to <br />moderate-income households would also be in high demand throughout Elk River. There is <br />currently only one income based townhome development in the City <br />Section 8) that is full with a long waiting list. Affordable rental townhomes have been <br />found to very popular throughout many communities. These proje- <br />restrictions established by HUD and would likely target househol <br />50% to 80% of area median income; however some could be workforce units with <br />affordability up to 120% AMI. We recommend a project with two- and three-bedroom <br />units and a project of 30 to 40 units. Units should feature central air conditioning, full <br />appliance package, in-unit washer/dryer, an attached one/two car garage. Such <br />developments are popular with families that cannot afford housin-sale <br />market or market rate rentals. <br />108 <br />MAXFIELD RESEARCH & CONSULTING, LLC <br /> <br />