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City of <br /> Elk NM%- <br /> River <br /> May 18, 2020 <br /> Jennifer Ho, Commissioner <br /> Minnesota Housing Finance Agency <br /> 400 Wabasha St N UNIT 400, <br /> St Paul,MN 55102 <br /> Re: Housing Tax Credit Threshold Letter—Hillside Heights Apartments <br /> Dear Commissioner Ho: <br /> The City of Elk River City Council, at its meeting on May 18, 2020, reviewed and preliminarily <br /> endorsed Hillside Heights Apartments housing development proposal that proposes the new <br /> construction of approximately 55 affordable rental units in the City of Elk River near its Northstar <br /> Commuter Rail Station. <br /> This endorsement is based upon the findings that the project will meet locally identified housing <br /> needs and that the proposed housing is in short supply in the local housing market. This need is <br /> evidenced by the following sources: <br /> 1. A comprehensive housing market study update completed by Maxfield Research& <br /> Consulting for the City of Elk River in February 2018. The study projects housing demand <br /> from 2017 through 2025 and provides recommendations on the amount and type of housing <br /> that could be built in Elk River. Below is how this study aligns with the development of <br /> Hillside Heights Apartments: <br /> a. Hillside Heights Apartments is an alternative development concept containing 55 total <br /> units anticipated to serve 12 subsidized households,27 affordable families and 16 <br /> affordable senior active adults. <br /> b. The plan shows strong demand for rental housing (55 units) <br /> c. The following table summarizes how the development meets the identified needs: <br /> Hillside Heights Remaining <br /> Demand Apartments Demand Stud Reference <br /> Page 44 and Table <br /> Subsidized 34 12 22 CR-2 <br /> Page 44 and Table <br /> Affordable 35* 27 8 CR-2 <br /> Affordable Senior Active Page 46 and Table <br /> Adult 40 16 24 CR-2 <br /> *Note:60-unit Elk Rid <br /> ge Lodge netted out <br /> 13065 Orono Parkway <br /> Elk River,MN 55330 P D W E R E D D Y <br /> Phone:763.635.1000 INAWRE] <br /> www.EJkRiverMN.gov <br />