7.3 HRSR 01-04-2016 - Laserfiche WebLink

Home Browse Search

HOUSING DEMAND ANALYSIS We then estimate that seniors currently residing outside of Elk demand for affordable senior housing. This demand includes seni River that would move to the city, as well as those who would recate from other places of residence (i.e. rural areas, other areas of the state and out-of-state). Together, demand from Elk River seniors and demand from seniors who would locate to El affordable units in 2015. There are no affordable senior rental properties in Elk River and thus, the t demand remains at 39 units in 2015. Following the same methodology, we project that excess demand capturable in Elk River is calculated to increase slightly to 42 affordable independent senior housing units by 2020. Estimated Demand for Subsidized Senior Housing Table HD-6 presents our demand calculations for subsidized senior housing5 and 2020. The 2015 income qualifications for extremely-low income housing in Sherburne County are $18,200 for a one-person household and $20,800 for a two-person household. Seniors with incomes meeting these guidelines are designated as having low in subsidized housing; households with incomes above these guidelin necessary to obtain market rate housing would be candidates for affordable housing. Senior living at a Section 202 building pay their rent according to the monthly income). Households with incomes slightly above 50% of M affordable housing, with rents usually set at 50% to 80% of MFI, and would not qualify for deeply-subsidized housing. It should be noted that many senior househo income categories own their homes and therefore have untapped eq, upon the sales of their homes, can be used toward market rate housing. Maxfield Research & Consulting LLCcalculated demand for subsidized senior housing as displayed in Table HD-5. We assume that all households over the age of 65 with incomes of $20,800 or less in Elk River are income-qualified and would be candidates for subsidized senior housing. In 2015, we find a total of an estimated 223 households over the age of 65 in Elk River meeting these age- and income-qualifications. We estimate that approximately 30% of the total age/income-qualified market would both need and desire subsidized senior housing. The remaining househither remain in their homes until in need of housing with services or obtain aff with assistance from family members or through the sale of a hom 30% capture rate, results in an estimated potential demand for 67 subsidized senior housing units in Elk River in 2015 and 66 units in 2020. 89 MAXFIELD RESEARCH & CONSULTING, LLC