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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 /> <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 /> <br />FIGURE 2 <br />Income Limits <br />Sherburne County <br />Housing Choice Voucher Program <br />FmailyExtremely Very <br />SizeLow-IncomeLow-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 /> <br /> <br />Pending Rental Developments in 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 /> <br /> <br />49 <br />MAXFIELD RESEARCH & CONSULTING, LLC. <br />