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RENTAL MARKET ANALYSIS <br />Credit properties were built in the last five years, the properties offer more amenities than the <br />other older affordable and subsidized properties amenities inclu-unit washer and dryers, <br />dishwashers, central a/c units, and heated underground garages. <br />amenities are minimal at the older affordable and subsidized projects. All projects fe <br />attached or detached garages renting from $30 to $55 per month. <br /> <br />FIGURE 1 <br />2015 MHFA/HUD Income Limits <br />Sherburne County <br />Income Limits by Household Size <br />1 phh2 phh3 phh4 phh5phh6phh7phh8phh <br />30% of median$18,210$20,790$23,400$25,980$28,080$30,150$32,220$34,320 <br />50% of median$30,350$34,650$39,000$43,300$46,800$50,250$53,700$57,200 <br />60% of median$36,420$41,580$46,800$51,960$56,160$60,300$64,440$68,640 <br />Maximum Gross Rents by Bedroom Size <br />0 BR1BR2BR3BR <br />30% of median$455$487$585$675 <br />50% of median$758$812$975$1,126 <br />60% of median$910$975$1,170$1,351 <br />Sources: MHFA; Maxfield Research & Consulting, LLC <br /> <br /> <br />Figure 1 above shows the maximum allowable incomes by household <br />affordable housing and maximum gross rents that can be charged b <br />Sherburne County. Comparing the maximum rents with the market r-1 <br />we can see that all rental buildings except for The Depot at Elk <br />60% of the AMI and most units are below 50% of the AMI. The maj <br />rents below 50% of AMI are 20 years and older. The quick absorpn occurring at Granite <br />Shores, which offers the highest rents in the market and is the <br />indicates the market is willing and able to afford higher market <br />updated amenities are offered. <br />Subsidized Housing Assistance Program <br /> <br />In addition to subsidized apartments, Elk River also has a tena-based subsidy called Housing <br />Choice Vouchers to help lower income households find affordable housing. The te-based <br />subsidy is funded by the Department of Housing and Urban Develop <br />managed by the St. Cloud Housing and Redevelopment Authority (HR <br />Choice Voucher program (formerly Section 8 Certificates and Vouchers) qu <br />are issued a voucher that the household can take to an apartment <br />under HUD guidelines. The household then pays 30% of their adjucome for rent <br />and utilities, and the Federal government pays the remainder of d. <br />48 <br />MAXFIELD RESEARCH & CONSULTING, LLC. <br /> <br />