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RENTAL MARKET ANALYSIS <br /> Applicants in Elk River may be eligible for the program if their income is below the current limits <br /> shown in Figure 2, which are set by HUD on an annual basis. <br /> Currently, the HRA is maxed out on the 873 vouchers they issue. Because the majority of these <br /> households have very low incomes, very few could afford rental housing in Elk River without <br /> the assistance of the voucher program. Demand for the program is high, as there is at least a <br /> five year waiting list and currently stands at over 3,000 households. The funding for the <br /> program is very low so the HRA cannot issue any more vouchers and the waiting list is currently <br /> closed. The St. Cloud HRA manages their vouchers throughout St. Cloud, Benton, Sherburne, <br /> and Wright Counties. The HRA could not provide the amount being used specifically in Elk <br /> River. <br /> FIGURE 2 <br /> Income Limits <br /> Sherburne County <br /> Housing Choice Voucher Program <br /> Fmaily Extremely Very <br /> Size Low-Income Low-Income <br /> 1-Person $18,200 $30,350 <br /> 2-Persons $20,800 $34,650 <br /> 3-Persons $23,400 $39,000 <br /> 4-Persons $26,000 $43,300 <br /> 5-Persons $28,410 $46,800 <br /> 6-Persons $32,570 $50,250 <br /> 7-Persons $36,730 $53,700 <br /> 8-Persons $40,890 $57,200 <br /> Source: St.Cloud HRA <br /> Pending Rental Developments in Elk River Elk River <br /> Maxfield Research and Consulting LLC interviewed City staff in Elk River to determine pending <br /> and planned rental developments. As of November 2015, there are no rental developments <br /> planned within Elk River. <br /> MAXFIELD RESEARCH&CONSULTING,LLC. 49 <br />