Agenda - Council - 06/28/2016 - Laserfiche WebLink

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ANOKA COUNTY HOUSING STUDY CONCLUSIONS For -Sale Housing: Currently, Andover has approximately 350 vacant developed single-family lots and an additional 150 future single-family lots, which together will meet about half of the demand for single-family homes through 2020. With the existing and pipeline lots, new single- family lots beyond those currently identified will not need to be delivered until the later half of the decade. For multifamily housing, only 30 lots are existing or planned. Future phases at the Grey Oaks condominium community may satisfy some of this demand, although the certainty and target market of future phases is unknown. New multifamily housing developments - particularly at the move -up price point - could be delivered as early as 2012. We recommend being initially conservative in the delivery of new multifamily lots and building up to higher lot inventory levels later in the decade. Rental Housini: Demand for a total of 160 general occupancy rental units is calculated for Andover through 2020. With strongest demand for market rate rental housing, we recommend prioritizing development of market rate rental housing with the possibility of a mixed -income community, which could also meet a segment of shallow and deep subsidy demand. Further, since housing choice vouchers are portable, very low-income households could potentially reside in a new market rate rental development while utilizing the voucher program. Senior Housing: A total of 345 units of senior housing demand is calculated for Andover through 2020, of which approximately 170 units could be supported within the next five years. With no proposed senior housing developments, we recommend first considering an active adult market rate housing community (by 2015) and reassessing demand for service -enhanced housing later in the decade. Anoka Submarket Recommendations Anoka is a fully developed suburb located along the Anoka -Hennepin County border with a strong local employment base. Demographically, Anoka is an older community with the second highest percentage of older adults and seniors in the County (23.7% of the population is age 55+). Further, Anoka has the lowest rate of homeownership in the County and has median incomes and housing prices below County levels, which results in price sensitivity among the resident population. With limited household growth (+420 households from 2010 to 2020), the housing priorities in Anoka will be to meet the needs of the aging population base and to rehabilitate/replace housing units that become functionally or physically obsolete, including both for -sale and rental housing units. The majority of new housing units will be the result of redevelopment and infill development as limited land is available to accommodate new housing. MAXFIELD RESEARCH INC. 113