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C. Statement of Public Purpose for Hillside Heights Apartments <br /> <br />Meets the housing needs identified in the 2018 Housing Study <br /> <br />• Assuming CommonBond’s Elk Ridge Lodge is constructed and occupied, Hillside Heights <br />Apartments will meet part of the remaining demand for affordable and subsidized rental <br />housing and affordable independent living senior rental housing. <br />o 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. CHDC has had success developing multi-generational <br />housing and has seen positive outcomes including reduced loneliness and increased <br />security and youth enrichment. <br />o The following table summarizes how the development meets the identified needs: <br /> <br /> Demand <br />Hillside <br />Heights Apts <br />Remaining <br />Demand Study Reference <br />Subsidized 34 12 22 Page 44 and Table CR-2 <br />Affordable 35* 27 8 Page 44 and Table CR-2 <br />Affordable Senior Active Adult 40 16 24 Page 46 and Table CR-2 <br />*Note: 60-unit Elk Ridge Lodge netted out <br />• The 0% vacancy rates for affordable rental housing and senior housing at all levels (pages 30 and <br />31) indicate a pent-up demand for this type of housing. <br /> <br />• Additional demand for Hillside Heights Apartments will also likely come from outside Elk River in <br />the larger submarket area. <br /> <br />• Note: This study was completed before the COVID-19 pandemic, and it is reasonable to assume <br />that demand for affordable and senior housing and the jobs it supports will increase through <br />2025. Good housing is a fundamental piece of the economic recovery. <br /> <br />Consistent with the Comprehensive Plan <br /> <br />• Provide more housing type choices for the growing number of families in Elk River. “As the <br />percentage of ‘family households’ increased more substantially between 2000 and 2010 than <br />the County and the State.” (page 70) <br /> <br />• Diversify the housing types. “As of 2010, 80% perfect of the housing units in Elk River were <br />owner occupied.” and “…it is important for communities to have a mixture of both owner- <br />occupied and renter-occupied units.” (page 71) <br /> <br />• Create 55 units of housing for individuals and families at 50% of the area median income. “In <br />2010, 40.7% of renters paid over 30% of their household income in rent...” meaning that they <br />are rent burdened. (page 73) <br /> <br />• Help meet the demand of “the strong need to provide affordable housing for people of all ages.” <br />(page 78)