6.0. HRSR 07-23-2001 - Laserfiche WebLink

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What role can Cities play in affordable housing? • There are numerous ways in which a City can participate in the development of affordable housing. The following are some samples of how developments can stay affordable and what role a community can play. Ways to Keep a Project Affordable • Utilize existing infrastructure • Access a reasonably priced site • Find a suitable site for development or redevelopment • Develop smaller lots and more modest homes Tools to Assist in the Development of Affordable Housing • Regulatory and Zoning Issues -reducing lot size, street width, or fees associated with developments • Inclusionary Zoning- development fits within the community's comprehensive plan(a part of their vision for development) • Tax Increment Financing • Mixed unit developments • Community and Employer Support • Tax exempt bond financing • Participation in planning process • Apply for grant or loan funds that fill gaps in financing • What housing options exist in the community and what is the current housing situation? The City of Elk River has experienced substantial growth over the past ten years with the addition of 1,932 households and 5,304 people. The community does have a fairly high median household income at$53,583 for 2000. Much of the household growth has occurred in households earning over$35,000 although we will continue to see some growth below this level. Building permits do show that new development has kept up with the growth although vacancy rates continue to remain low according to the 2000 Census and the rental survey. 2000 Census Data Rental Vacancy Rate 1.7% Homeowner Vacancy Rate 1.4% Rental Survey—May/June 2001 General Occupancy 3 of 447 units available 0.7%vacancy Elderly 0 of 87 units available 0.0%vacancy A healthy market is considered to be 5%vacancy, which allows for a variety of housing types and options. •