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City of <br />• -- <br />1ver <br />July 6, 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 July 6, 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 <br />Remaining <br />Demand <br />Apartments <br />Demand <br />Study Reference <br />Page 44 and Table <br />Subsidized <br />34 <br />12 <br />22 <br />CR-2 <br />Page 44 and Table <br />Affordable <br />35* <br />27 <br />8 <br />CR-2 <br />Affordable Senior Active <br />Page 46 and Table <br />Adult <br />40 <br />16 <br />24 <br />CR-2 <br />*Note: 60-unit Elk Midge Lodge netted out <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />Phone: 763.635.1000 <br />www.ElkRiverMN.gov <br />