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City of Ramsey MASTER HOUSING PLAN ------------------------------------------------------------------.----------------------- affordable rental housing opportunities. Maxfield Research concluded, as part of their market analysis, that Ramsey Town Center is the best location for any new rental housing within the community. The proximity to transit and shopping makes Ramsey Town Center an ideal location for young people, seniors, and others who rely on public transportation. 4. Ramsey is beginning to diversify its housing stock by developing alternatives to single- family housing, thus expanding options for residents of all income levels and lifestyles. Reviewing the breakdown of the number of type of residential building pennits issued in Ramsey since 1995 shows that the number of permits for single-family, detached housing has remained relatively steady, while the number of pemlits for townhomes has increased rapidly. This diversification contributes to Ramsey's housing goals. 5. The price of existing single-family housing is affordable for the average family living in the metropolitan area. According to the Anoka County Assessor's records, in 2008 the mean market value for housing in Ramsey is about $223,500. There are 3,765 (64% of total) homes in Ramsey that are affordable to households earning 80% ofthe Area Median Income (AMI). Furthermore, only 17% of Ramsey residents pay more than 30% of their income to housing costs. 6. The price of new single-family housing is increasingly unaffordable. While the average home price in Ramsey is relatively affordable to a household earning the area median income, the cost of new housing is substantially more expensive. The average market value of a home built between 1990 and 2005 is $234,000, which is barely affordable to households earning the median income. 7. Ramsey has very few alternatives to homeownership. As of 2007, only 4% of the housing stock was rental. In the rental complexes there is very low vacancy rate and waiting lists for the senior rental complex. To have a balanced housing supply, affordable and market rate rental opportunities are essential. IMPLEMENTATION STRATEGIES: 1. Work toward developing various senior housing options including independent living, cooperatives, and assisted living facilities, both market rate and affordable. a. Tactic-Evaluate opportunities to provide Tax Increment Financing (TIF) for senior housing projects, such as Crest View Senior Communities' proposed project for the Ramsey Town Center. b. Tactic-Pursue partnerships with non-profit developers of senior housing, such as Lord of Life, Anoka County, and others. c. Tactic-Continue to promote the Town Center as a neighborhood for residents of all ages, complete with amenities, multi-modal transportation options, recreation, and a variety of housing choices. February 2008 City a/Ramsey Master Housing Plan Page 19