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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
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<br /> Single Family 2
<br /> Entry-level 4225,000 175 - 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/Twinhomes 2
<br /> Entry-level 4200,000 50 - 60 31% 2018+
<br /> Move-up $200,000+ 110 - 130 69% 2016+
<br /> Total 160 - 190 100%
<br /> Total Owner-Occupied 730 - 820
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<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
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<br /> Active Adult Affordable Rental Moderate Income 40 - 42 27% 2016+
<br /> Active Adult Market Rate Rental's $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 /> 4 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
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