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<br />City of Ramsey <br />MASTER HOUSING PLAN <br />DRAFT <br /> <br />-----------------------------..----.---..----------...----...----------------..----------- <br /> <br />for housing development and the master plan calls for the development of market-rate and <br />affordable rental housing opportunities. Maxfield Research concluded, as part of their <br />market analysis, that Ramsey Town Center is the best 16cation for any rental housing within <br />the community. The proximity to transit and shopping makes Ramsey Town Center an ideal <br />location for young people, seniors, and families who rely on mass transit. <br /> <br />4. Ramsey is beginning to diversify its housing stock by developing alternatives to single- <br />family housing, thus expanding options for residents of all income levels and lifestyles. <br />Reviewing the breakdown of the number of type of residential building permits issued in <br />Ramsey since 1995 shows that the number of permits for single-family, detached housing <br />has remained relatively steady, while the number of permits for townhomes has increased <br />rapidly. This diversification contributes to Ramsey's housing goals. <br /> <br />5. The price of existing single-family housing is affordable for the average family living in <br />the metropolitan area. According the Anoka County Assessor's records, in 2005 the mean <br />market value for housing in Ramsey is about $198,000. There are 3,765 (64% of total) <br />homes in Ramsey that are affordable to households earning 80% of the Area Median Income <br />(AMI). Furthermore, only 17% of Ramsey residents pay more than 30% of their income to <br />housing costs. It must be noted, however, that the county assessor's estimated market value <br />is usually below the true market value of property. This factor limits conclusions about the <br />affordability of housing in Ramsey. <br /> <br />6. The price of new single-family housing is increasingly unaffordable. While the average <br />home price in Ramsey is relatively affordable to a household earning the area median <br />income (about $76,000), the cost of new housing is substantially more expensive. The <br />average market value of a home built between 1990 and 2005 is $220,000, which is barely <br />affordable to households earning the median income. The average home price in Ramsey <br />has increased by 56% since 1990, from $111,000 to $198,000 in 2005. <br /> <br />7. Ramsey has very few alternatives to homeownership. As of2007, only 4% of the <br />housing stock was rental. In the rental complexes there is very low vacancy rate and waiting <br />lists for the senior rental complex. To have a balanced housing supply affordable and <br />market rate rental opportunities are essential. <br /> <br />IMPLEMENTATION STRATEGIES: <br /> <br />1) Work toward developing various senior housing options including life-style centers, <br />cooperatives, and assisted living facilities, both market rate and affordable. <br />a. Tactic-support Crestview and other seniors through TIF <br />b. Tactic-partner with non-profit developers (lord of Life, ACCAP, CCHT) and <br />provide funding through HRA) <br /> <br />City of Ramsey Master Housing Plan <br /> <br />(draft #1) November 2007 <br />