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EXECUTIVE SUMMARY <br />Housing Needs Analysis <br />• Based on our calculations, demand exists for the following general occupancy product types <br />between 2015 and 2025: <br />o <br />Market rate rental <br />265 units <br />o <br />Affordable rental <br />133 units <br />o <br />Subsidized rental <br />44 units <br />• <br />For -sale single - family <br />601 units <br />• <br />For -sale multifamily <br />186 units <br />• In addition, we find demand for multiple senior <br />housing product types. By 2020, demand <br />for senior <br />housing is forecast for the following: <br />o <br />Active adult ownership <br />0 units <br />o <br />Active adult market rate rental <br />77 units <br />o <br />Active adult affordable <br />42 units <br />o <br />Active adult subsidized <br />0 units <br />• <br />Congregate <br />102 units <br />• <br />Assisted living <br />47 units <br />• <br />Memory care <br />28 units <br />Recommendations and Conclusions <br />• Based on the finding of our analysis and demand calculations, the chart on the following <br />page provides a summary of the recommended development concepts by product type for <br />the City of Elk River through 2025. Detailed findings are described in the Conclusions and <br />Recommendations section of the report. <br />MAXFIELD RESEARCH & CONSULTING, LLC. 4 <br />