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<br />HOUSING NEEDS ANALYSIS <br /> <br />captured on a site in Ramsey. Demand is calculated for 39 owner-occupied units and 32 <br />renter-occupied units in 2009 on a high-quality site in Ramsey. <br /> <br />. Adjusting for inflation, we estimate that households with incomes of $40,000 or more and <br />homeowners with incomes of $30,000 to $39,999 would be candidates for active adult hous- <br />ing in 2014. We do not account for future phases of Grey Oaks Community or Rum River <br />Condominiums as the development potential of these phases remains somewhat uncertain. <br />Following the same methodology, demand for active adult housing in Ramsey is pro- <br />jected to increase to 64 owner-occupied units and 49 renter-occupied units through <br />2014. <br /> <br />TABLE HN-2 <br />MARKET RATE ADULTIFEW SERVICES HOUSING DEMAND <br />RAMSEY PRIMARY MARKET AREA <br />2009 & 2014 <br /> <br />2009 <br /> <br />2014 <br /> <br /> A e of Householder A e of Householder <br /> 55-64 65-74 75+ 55-64 65-74 75+ <br /># of Households wI Incomes of>$35,000' 4,725 1,735 607 5,760 2,603 793 <br /># of Households wI Incomes of$25,000 to $34,999' + 248 292 168 + 287 382 218 <br />(times) Homeownership Rate x 92% 82% 49% x 92% 82% 49% <br />(equals) Total Potential Market Base 4,953 1,974 689 6,024 2,916 900 <br />(times) Potential Capture Rate x 1.5% 6.5% 17.0% x 1.5% 6.5% 17.0% <br />(equals) Demand Potential 74 128 117 90 190 153 <br />Total Demand Potential from the PMA 320 .. 433 ~ <br />(Plus) Additional Demand from Outside the PMA (20%) + 80 + 108 <br />(equals) Total Demand Potential in the PMA 400 541 <br /> Owner- Renter- Owner- Renter- <br /> Occupied Occupied Occupied Occupied <br />(times) % by Product Type x 60% x 40% x 60% x 40% <br />(equals) Demand Potential by Product Type 240 160 325 216 <br /> <br /> <br />1 2014 calculations defme income-qualified households as a1I households with incomes greater than $40,000 and homeowner households with incomes between $30,000 and <br />$39,999. <br /> <br />, Existing units are deducted at market equilibrium, or 98% for ownership product and 95% for rental product. <br /> <br />Source: Maxfield Research Inc. <br /> <br />Affordable Active Adult Housing Needs Analysis <br /> <br />Table HN-3 presents our demand calculations for subsidized/affordable active adult housing in <br />the Primary Ramsey Market Area in 2009 and 2014. <br /> <br /> <br />MAXFIELD RESEARCH INC. <br />