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EXECUTIVE SUMMARY <br /> RECOMMENDED HOUSING DEVELOPMENT <br /> CITY OF ELK RIVER <br /> 2015 to 2025 <br /> Purchase Price/ No.of Pct. Development <br /> Monthly Rent Range' Units of Total Timing <br /> Owner-Occupied Homes <br /> Single Family2 <br /> Entry-level >$225,000 175 - 200 31% 2016+ <br /> Move-up $250,000-$350,000 320 - 350 56% 2016+ <br /> Executive $350,000+ 75 - 80 13% 2017+ <br /> Total 570 - 630 100% <br /> Townhomes/Detached Townhomes/Twwnhomes 2 <br /> Entry-level >$200,000 50 - 60 31% 2018+ <br /> Move-up $200,000+ 110 - 130 69% 2016+ <br /> Total 160 - 190 100% <br /> Total Owner-Occupied 730 - 820 <br /> General Occupancy Rental Housing <br /> Market Rate Rental Housing <br /> Apartment-style $950/1BR-$1,450/3BR 180 - 200 78% 2017+ <br /> Townhomes $1,200/2BR-$1,500/3BR 50 - 60 22% 2016+ <br /> Total 230 - 260 100% <br /> Affordable Rental Housing <br /> Apartment-style Moderate Income3 90 - 100 73% 2017+ <br /> Townhomes Moderate Income3 30 - 40 27% 2016+ <br /> Total 120 - 140 100% <br /> Total Renter-Occupied 350 - 400 <br /> Senior Housing(i.e.Age Restricted) <br /> Active Adult Affordable Rental Moderate Income3 40 - 42 27% 2016+ <br /> Active Adult Market Rate Rental' $900/1BR-$1,200/2BR+ 50 - 60 36% 2019+ <br /> Independent Living(Congregate) $1,750/1BR-$1,950/2BR 60 - 80 45% 2018+ <br /> Assisted Living $2,750/EFF-$4,000/2BR 40 - 50 29% 2017+ <br /> Memory Care $4,000/EFF-$5,000/2BR 26 - 28 18% 2017+ <br /> Total 144 - 164 100% <br /> Total-All Units 1,224 - 1,384 <br /> ' Pricing in 2015 dollars. Pricing can be adjusted to account for inflation. <br /> 2 Recommendations include the absorption of some existing previously platted lots. <br /> 3 Affordablity subject to income guidelines per MHFA. See Table HA-1 for Sherburne County Income limits. <br /> °Alternative development concept is to combine active adult affordable and market rate active adult into mixed-income senior <br /> community <br /> Note-Recommended development does not coincide with total demand. Elk River may not be able to accommodate all recommended housing <br /> types based on a variety of factors(i.e.development constraints,land availability,etc.) <br /> Source: Maxfield Research&Consulting,LLC <br /> MAXFIELD RESEARCH&CONSULTING,LLC. 5 <br />