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Last revised July 24, 2014 <br />Housing challenges facing our region today and tomorrow <br />As we plan for the next 30 years, key challenges lie ahead —housing preservation, rising housing cost <br />burden, a lack of affordable housing, and housing segregation —all in the face of limited public financial <br />resources. <br />Growing need to preserve our existing housing stock <br />As the region's housing ages, more and more of it is ready for reinvestment. Roughly half of our total <br />housing stock is 40 years old or more. An aging multifamily housing stock, including a large number of <br />rental apartments built in the 1960s and 1970s, is ready for reinvestment both to ensure structural <br />integrity and to meet the housing preferences of households today and in years to come. Single family <br />homes may have greater longevity than multi -family buildings in general, but they also require <br />additional investment to remain stable and desirable. Many of these aging units have become more <br />affordable but may not be viable. <br />Over 260,000 single-family units and nearly 48,000 multifamily units have a serious maintenance <br />problem, such as water leaks or holes in the floors.3 Of particular concern are nearly 125,000 single- <br />family units and 16,000 multifamily units built before 1960; many of these units have aged into <br />affordability but are at risk of functional <br />obsolescence. While multifamily units <br />are less likely to have a serious <br />maintenance problem than single- <br />family units, they are important to <br />maintain given the expected <br />preferences of future households. <br />Units with Serious Maintenance Problems <br />16,162 <br />30,033 <br />85,381 <br />Built before 1960 Built 1960 to 1989 Built 1990 or after <br />Single family Multifamily <br />Additionally, there are over 53,000 <br />newer units (those built in 1990 or <br />afterward) with a serious maintenance <br />problem. Preventing these units from <br />further deterioration will help preserve <br />the housing as it becomes more <br />affordable with age. <br />3 Data are from the 2007 American Housing Survey Public Use File and cover the 13-county Minneapolis -St. <br />Paul -Bloomington metropolitan statistical area. For single-family (detached or attached) units, a "serious <br />maintenance problem" includes one or more of the following: (a) water leaks from the inside or outside of the <br />structure, (b) holes in the floors, (c) holes or open cracks in the walls or ceilings, (d) large areas of peeling paint or <br />broken plaster, (e) a sagging roof, (f) missing roof material or hole in roof, (g) missing bricks or siding, (h) sloping <br />outside walls, (i) boarded -up or broken windows, and (j) a crumbling or openly cracked foundation. For multifamily <br />units (two or more units in the structure), a "serious maintenance problem" includes only items (a), (b), (c), and (d) <br />from the above list due to data availability. <br />2040 HOUSING POLICY PLAN I METROPOLITAN COUNCIL <br />DRAFT RELEASED FOR PUBLIC COMMENT Part I: Introduction I Page 5 <br />