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EXECUTIVE SUMMARY <br />RECOMMENDED HOUSING DEVELOPMENT <br />CITY OF ELK RIVER <br />2015 to 2025 <br />No. of <br />Purchase Price/Pct.Development <br />Units <br />Monthly Rent Range¹of TotalTiming <br />Owner-Occupied Homes <br />Single Family 2 <br />Entry-level>$225,000175-20031%2016+ <br />Move-up$250,000 - $350,000320-35056%2016+ <br />Executive$350,000+75-8013%2017+ <br />Total570-630100% <br />Townhomes/Detached Townhomes/Twinhomes 2 <br />Entry-level>$200,00050-6031%2018+ <br />Move-up$200,000+110-13069%2016+ <br />Total160-190100% <br />Total Owner-Occupied730-820 <br />General Occupancy Rental Housing <br />Market Rate Rental Housing <br /> Apartment-style$950/1BR - $1,450/3BR180-20078%2017+ <br /> Townhomes$1,200/2BR - $1,500/3BR50-6022%2016+ <br />Total230-260100% <br />Affordable Rental Housing <br />Moderate Income 3 <br /> Apartment-style90-10073%2017+ <br />Moderate Income 3 <br /> Townhomes30-4027%2016+ <br />Total120-140100% <br />Total Renter-Occupied350-400 <br />Senior Housing (i.e. Age Restricted) <br />Moderate Income 3 <br />Active Adult Affordable Rental40-4227%2016+ <br />Active Adult Market Rate Rental 4 <br />$900/1BR - $1,200/2BR+50-6036%2019+ <br />Independent Living (Congregate)$1,750/1BR - $1,950/2BR60-8045%2018+ <br />Assisted Living$2,750/EFF - $4,000/2BR40-5029%2017+ <br />Memory Care$4,000/EFF - $5,000/2BR26-2818%2017+ <br />Total144-164100% <br />Total - All Units1,224-1,384 <br />¹ Pricing in 2015 dollars. Pricing can be adjusted to account for inflation. <br />2 <br /> Recommendations include the absorption of some existing previo <br />3 <br />Affordablity subject to income guidelines per MHFA. See Table H <br />4 Alternative development concept is to combine active adult affo <br />community <br />Note - Recommended development does not coincide with total dema <br />types based on a variety of factors (i.e. development constraint <br />Source: Maxfield Research & Consulting, LLC <br />5 <br />MAXFIELD RESEARCH & CONSULTING, LLC. <br /> <br />