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<br />RENTAL HOUSING MARKET CONDITIONS <br /> <br />Introduction <br /> <br />Maxfield Research conducted an inventory of existing subsidized, affordable and market rate <br />projects in the Market Area in order to assess the strength of the market for additional rental <br />housing as well as to identify any gaps in the types of housing products available. Tables.RH-l, <br />RH-2 and RH-3 provide a summary of the surveyed subsidized, affordable and market rate pro- <br />jects, respectively. Table RH-4 follows with additional information on in-unit features and <br />common area amenities of the surveyed market rate projects. The inventory was conducted in <br />September and October of 2009. <br /> <br />Subsidized Rental Housing <br /> <br />The following are key points from Table RH-l regarding subsidized rental projects: <br /> <br />· Subsidized housing is income-restricted to extremely low-income households, or those earn- <br />ing incomes at or below30% AMI (area median family income). Rent at subsidized build- <br />ings is based on income and the resident pays 30% of their adjusted gross income toward <br />monthly rent. <br /> <br />· Three of the five projects inventoried are located in Coon Rapids, and the remaining two are <br />located in Anoka and Blaine. We did not identify a subsidized housing community in the <br />Ramsey, although some buildings may accept Section 8 housing vouchers. <br /> <br />· The subsidized inventory includes five buildings that combine for 274 subsidized housing <br />units. Every building currently maintains a waiting list; .some waiting lists are closed due to <br />high demand and there are no vacant units. A minimum waiting period of between one and <br />two years was cited at all surveyed subsidized properties. <br /> <br />· The existing subsidized housing stock serves a mix of household types, sizes and ages. A <br />good portion of the surveyed units are occupied by family households and some are occupied <br />by seniors. <br /> <br />· Property managers and leasing staff commented that there is a significant need for subsidized <br />housing in the Ramsey area and, more broadly, in the Twin Cities Metro Area. Households <br />that are income-eligible for subsidized housing may need to wait one to two years or more <br />before finding an available unit that meets their needs. <br /> <br />Affordable Rental Housing <br /> <br />The following are key points from Table RH-2 regarding affordable rental projects: <br /> <br />· Affordable rental housing serves a different market than subsidized housing. A household <br />income-qualifies for affordable housing iftheir income exceeds the income-restriction fo <br />subsidized housing (30% AMI) but is less than the income required to afford market <br />\) <br /> <br /> <br />MAXFIELD RESEARCH 1Ne. <br />