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<br />City of Ramsey <br />MASTER HOUSING PLAN <br />DRAFT <br /> <br />---------------------..-------.-----------...--.----..-------------.---------------------- <br /> <br />Housing Cost: Rental <br /> <br />Although there are relatively few rental options in Ramsey, the majority of the rental housing is <br />market-rate affordable. Table 3 represents the rental prices for Ramsey's units. According to the <br />Metropolitan Council's "affordable rent" definition, 115 (52% of the total) of the rental units in <br />Ramsey are affordable to a family earning 50% of the area median income. <br /> <br />Table 3: Rent Prices in Ramsey <br /> <br /> Number of Rent Levels <br /> Units <br />Senior-Subsidized 50 $700-1,000 <br />General Occupancy-Subsidized 33 $700-1,000 <br />Market-rate apartments 32 $600-850 <br />Market-rate townhomes 98 $1,000-$1,500 <br />Market-rate SineJe Family 10 $1,500 <br />Total Rental Units 223 <br /> <br />Source: Maxfield Study, January 2006 & City of Ramsey 2005 <br /> <br />Housing Foreclosures <br /> <br />Home foreclosures can have an impact on a neighborhood and community with deferred <br />maintenance and vacant homes. <br /> <br />In 2006, Anoka County recorded 844 properties in foreclosure. Ramsey has a fairly small <br />percentage of the County's foreclosed property 7% or 63 homes. However in the first half of2007, <br />the number of foreclosures in the county is above the total for 2006 at 863, with Ramsey having 66 <br />properties (7.6% of the total). <br /> <br />What does this mean to Ramsey? It is possible that some housing values may decline and some <br />homes may go unoccupied and not be maintained properly for a period of time, potentially putting <br />additional burden on codes staff and increasing the potential for neighborhood housing decline. <br />These potential newly vacant homes could be an opportunity for affordable housing purchases. <br />Conversely, the vacant homes may also attract investment buyers who in turn rent the homes for a <br />short period until the market resurges. In a slow market, investment buyers tend to purchase homes <br />of lower value ($200,000 or less) and rent without additional investment in maintenance and/or <br />cosmetic improvements. <br /> <br />City of Ramsey Master Housing Plan <br /> <br />(draft #1) November 2007 <br />