7.3 HRSR 01-04-2016 - Laserfiche WebLink

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RECOMMENDATIONS AND CONCLUSIONS Senior Housing As illustrated in Table CR-1, demand exists for almost alltypes of senior housing product types in Elk River. Over the course of five years, there is demand fo through 2020. The unmetof additional senior housing is recommended in order to provide housing opportunity to these aging residents in their stages of later life. The development of additional senior housing serves a two-fold purpose in meeting the housing needs in Elk River: older adult and senior residents are able to relocate to new age-restricted housing in Elk River, and existing homes and rental units that were occupied by seniors new households. Hence, development of additional senior housing needs of younger households are neglected; it simply means that ercentage of housing need is satisfied by housing unit turnover. The types o accommodate the aging population base are discussed individually Active Adult Rental Demand was projected for about 75market rate active adult rental units in Elk River through 2020. However, most of this demand will be closer to 2020. Currently, there are three market rate active adult rental proje was built in 1992, while the other two are over 30 years old. There may be seniors who currently residing in general-occupancy housing that would consider a newer active adult product. Development of this product could be in separate stand-alone facilities or in a mixed- income project. We believe a mixed-income building would be an ideal development concept to create the most dynamic, inclusive community for acti stigmas and potential neighborhood opposition of affordable hous We recommend a new project of about 50 to 60 units later this decade. The project modest rents with base monthly rents starting at $900 per month for one-bedroom units and from $1,200 or more for two-bedroom units. The project should offer transportation, activities, and optional services for housekeeping, etc. Affordable and Subsidized Senior Few Services Rental Elk River demand for affordable/subsidized senior housing isapproximately 40 units in 2020. All of the demand was for affordable senior housing as the existing subsidized hou current demand. Although this product would be well received by seniors in and n Elk River area; it will be difficult to develop given the economies of scale needed and financing challenges. Affordable senior housing will likely be-income tax credit project through the Minnesota Housing Finance Agency (MHFA). MHFA recently started to consider affordable senior housing projects under the tax credit program and is slowly starting to expand financing for this product type. Independent Living/Congregate There are no designated congregate units (meals and limited support service) in Elk River, however, Guardian Angels services at Evans Park at an extra charge. Demand was calculated for just over 100 congregate units 109 MAXFIELD RESEARCH & CONSULTING, LLC