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<br /> <br />Housing and Redevelopment Authority Minutes <br />November 4, 2024 <br />--------- <br />Page 3 of 4 <br />suggestions from the HRA and will have the final draft available late November or early December. Mr. <br />Fleming presented overall key housing study projects through 2030 for the entirety of Sherburne <br />County: <br />- A need for 5200 new housing units with 2,205 of those units specific to senior housing. <br />- County population expected to rise 10% <br />- 62% of workforce commute out of the county to work <br />- Senior population will continue to grow by 14% <br />- Median rent is $1,053 <br />- Median resale price now $370k <br />- Current lot supply is less than two year supply (3-5 year recommended) <br /> <br />Mr. Fleming then presented key points for Elk River city: <br />- Housing stock: 79% owner, 21% rental (1,396 units for rent - getting more detail on what the study <br />units represent) <br />- 530 units of senior housing with 268 units for active adults and 221 units requiring enhanced services <br /> <br />Mr. Fleming described the senior housing levels and housing types, from fully independent lifestyle to <br />full/high dependence. He indicated data shows the fixed income seniors 65+ have the highest poverty <br />rate at 9%. After the year 2030 and beyond, what do senior housing needs require based upon current <br />and projected demand? He stated the need for fully dependent housing will grow after 2030. Mr. <br />Fleming then reviewed the total housing projects that are planned/pending in Elk River, with 1312 <br />planned units and 333 approved. Commissioner Caswell asked for more detail regarding this slide; Mr. <br />Fleming stated he will ask Maxfield for more information but thought it was about the number of <br />available units. <br /> <br />Mr. Fleming then discussed Elk River's housing affordability and said that new construction costs are <br />higher than existing housing costs and will continue to trend higher. Housing demand for Elk River is <br />highest county-wide with 498 new homes and 214 multi-family homes projected by 2030. <br /> <br />At 5:59 p.m., Commissioner Wagner, along with Mr. O'Neil and Mr. Mollan, left for a closed EDA <br />meeting. <br /> <br />Mr. Fleming concluded the presentation with the following Elk River recommendations: <br />- New platted lots are a critical need (only a 2-year supply, with 3-5 year supply recommended) <br />- Development of entry-level homes may require a private-public partnership or other incentives to <br />stimulate lower-priced new home construction <br />- Growing need to produce patio-style homes, or one-level and/or ground level main bedroom homes <br />(both single and multi-family housing) <br />- Strong need for market rate and affordable/subsidized rental housing <br />- Senior housing (independent living) is a strong need. <br /> <br />Commissioner Caswell asked about the slide with the numbers of senior units that were existing for Elk <br />River, and was surprised at the number of 530. He felt that figure would have been higher. <br /> <br />Mr. Fleming stated he would ask the consultants and get an official answer, but it could mean it is <br />specific to age 55 and above. <br /> <br />Commissioner Beaudry asked Mr. Fleming if there was anything alarming or surprising about the study <br />results.