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April 3, 2023 Elk River HRA Meeting <br />Comparison of Units Added since 2018 Maxfield Housing Study <br /> <br />The City of Elk River received a completed housing needs assessment in early 2018. Since that <br />time, several housing units have been constructed towards satisfying the identified needs for <br />additional housing. The study recommended a minimum of 690 to 785 new housing units be <br />developed in Elk River through 2025. Staff has evaluated the number of units constructed since <br />2018 through March 31, 2023. A breakdown of those units by type along with the <br />recommended breakdown by type is listed below. <br />Rental (multi-family) housing: <br />235 to 275 units recommended (165 market rate and 90 affordable at mid-point). <br />108 units have been constructed (40 at market and 68 affordable), and another 232 have been <br />permitted and are underway (190 market and 52 affordable). <br /> <br />Senior housing: <br />115 to 140 units recommended. <br />35 constructed approximately (includes for-sale 55+ community). <br /> <br />Single family housing: <br />360 units recommended. <br />431 units constructed/permitted. <br /> <br />Notes: <br />Sherburne Co. also conducted a study through Maxfield, completed in 2020, with a horizon <br />through 2030. For Elk River, it anticipated rental demand of new 480 units through 2030. <br />Estimated permitted and completed units in Elk River since this study is approximately 290. <br /> <br /> <br />