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3 <br />KEY HIGHLIGHTS <br />HOUSING STUDY UPDATE <br />Maxfield Research & Consulting was contracted by <br />Sherburne County to complete a county-wide housing <br />study. The study will project housing demand from 2020 <br />through 2030 and will provide recommendations on the <br />amount and type of housing that could be built in <br />Elk River, and the county to satisfy that demand. <br /> <br />A study completed by Maxfield in 2018 for the City of Elk River identified a potential for approximately 864 <br />new housing units. About 20% of the total is for senior housing; while general-occupancy housing accounted <br />for 80% of the need. Demand is strongest for houses for sale, representing 395 of the 864 new housing units. It <br />also identified a strong need for additional market rate (172 units) and affordable rental housing (93 units). <br />■The Center for Energy and Environment began <br />administering the HRA Home Rehabilitation Loan <br />Program. <br />■One additional property was purchased along Main <br />Street for redevelopment. <br />■LHB, Inc. completed a TIF analysis for the Main <br />and Gates Redevelopment Project. <br />■Two dozen flower hangers were purchased for the <br />downtown light poles to assist in beautification <br />efforts in collaboration with the Rivers Edge <br />Downtown Business Association. <br />■Preliminary development agreement was initiated with Modern Construction to identify the possibility of a <br />downtown redevelopment project. <br />SINGLE FAMILY RESIDENTIAL <br />The availability of single family homes for sale in Elk <br />River were at their highest point in 2016. The <br />inventory dropped substantially in 2017, rising slightly <br />between 2017 and 2018 and inventory trending <br />slightly upward again in 2019.