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City of Ramsey 2030 Comprehensive Plan Update <br />Chapter 7: Housing Plan <br />Metropolitan Council Livable Communities Act: Affordability Goals <br />In January of 2006, the Metropolitan Council released goals for the production of new affordable housing in <br />the metropolitan region for the years 2011-2020. The goals focus on households earning at or below 60% of <br />the AMI to more effectively target lower income households with limited financial resources. In 2007 <br />dollars, a household of four with an income at or below 60% AMI earns up to $47,100 and can afford to <br />purchase a home at or less than $152,000 or pay fair market rent up to $1,177. This will be very difficult to <br />achieve for ownership housing in developing suburbs such as Ramsey. <br />The Metropolitan Council has established a need for 1,140 new affordable housing units to be developed in <br />Ramsey between 2011 — 2020 based upon existing growth projections. New affordable units are defined as <br />ownership or rental housing affordable to households earning at or below 60% AMI. According to the <br />estimated growth needs for housing units between 2010-2030 as noted above, the City of Ramsey should <br />strive to provide 28% of the 4,085 medium to high density multifamily housing units as affordable to meet <br />the Metropolitan Council identified goals by 2020. Accordine to the Metropolitan Council. the Update <br />provides for an affordable housing need share of 6 9nearly 500 units. <br />Considering that ownership housing would require a purchase price at or less than $152,000 and rental <br />properties would need to charge rent at or below $1,177 for a family of four in 2007, Ramsey will need to <br />consider a wide variety of housing options to achieve the Metropolitan Council's forecasted need. Those <br />options will likely be additional rental housing and/or ownership multifamily or small lot housing that is <br />developed in partnership with non-profit housing groups such as Habitat for Humanity and community land <br />trusts. <br />City of Ramsey 2030 Comprehensive Plan Page 7-9 <br />