Agenda - Council - 02/24/1998 - Laserfiche WebLink

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Ramsey Senior Housing Market Study SUMMARY OF FINDINGS January1998 The Anoka County Housing and Redevelopment Authority and the municipality of Ramsey engaged Community Partners Research, Inc. to conduct a Senior Housing Needs Analysis for the City of Ramsey. Recommendations were to focus on a suitable number of units for the area, housing concepts, unit mix and sizes, building features and services, and rents most appropriate for the market. Community Partners Research, Inc. is recommending a 46 to 50 unit three-story elevator building project with a unit mix of 22 to 24 one bedroom units, 12 to 13 one bedroom/den units and 12 to 13 two bedroom units. The one bedroom units should range from 660 to 800 square feet with rents of $480 to $620 per month to accommodate as many senior households at various income levels as possible. The one bedroom plus den units should be 900 to 940 square feet with rents of $610 to $660 per month. We recommend two bedroom units of 1,000 to 1,250 square feet with rents of $670 to $800 per month. Based on the amount of interest generated by seniors in the study area, a lack of market rate senior housing in the study area and an expanding senior household base, we are projecting that 20 percent of all units will be pre-leased with the remainder of the units leasing at a rate of 6 to 7 units per month. This translates to a total lease-up period of 7 months from the date of initial occupancy, based on a 46 to 50 unit project. A potential senior housing site has been identified (adjacent to the Lord of Life Church) which, upon preliminary review, has the amenities necessary for a successful senior project. The modest rents recommended indicate a need for some type of goverument assistance to make a project financially feasible. Land donations, direct grants, TIF financing and Essential Function Bonds are examples of possible ownership or funding methods. It is estimated that there are approximately 24 low income senior households with short term interest (three year) and eight Iow income senior households with immediate interest (one year) in the Market Study Area that cannot afford to live in the senior housing units that are proposed. Unfortunately, at this time it is not feasible to construct rental units that can be leased at lower rates because of the elimination of state and federal programs. However, it is important to monitor various funding sources and to utilize any current funding sources for rental assistance such as the Section 8 and Voucher Programs to assist low income seniors. Growth trends and demographic characteristics were examined, with emphasis on the senior (55 and older) population, for a Primary Market Study Area that includes Ramsey, St. Francis and Burus Township and for a Secondary Market Study Area that includes the municipalities of Anoka and Elk River. The Market Study Area experienced substantial increases in population from 1980 to 1995, adding 16,241 persons, an increase of 44.3 percent. Ramsey posted an increase of 5,712 persons or 56.6 percent for a total population of 15,805 in 1995. Community Partners Research, Inc. 3