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RENTAL HOUSING MARKET CONDITIONS <br /> Introduction <br /> The demographic analysis examined factors relating to the demand for various housing types in <br /> the Ramsey Market Area. This section reviews the current supply and market conditions for <br /> competitive rental housing in the defined Market Area. <br /> Competitive Subsidized Rental Communities <br /> Maxfield Research surveyed a sampling of subsidized rental communities (seven) in the Market <br /> Area. Information on the location, number of units, vacancies, units mix and sizes, monthly <br /> rents (when available), and income restrictions are displayed in Table 19. <br /> The following are key points from Table 19: <br /> • There are a total of 345 units that were sampled with only four vacancies providing a va- <br /> cancy rate of about I%. In addition, each community has a waiting list of people ready to <br /> move into the vacant units. In most cases, it is at least a one-year wait for a unit to become <br /> available. <br /> • The majority of the subsidized rental communities are Section 8 Project Based where resi- <br /> dents pay 30% of their adjusted gross income for rent. Only two of the communities were a <br /> tax-credit community where income-qualified residents pay a base rent. One of these tax- <br /> credit communities—Villas by Caroline—is an accessible building catering to people with <br /> disabilities. <br /> • There was one community that was not included in the table. Six Acres is a 14 unit town- <br /> home community located in Coon Rapids that will no longer continue to be a Section 8 Pro- <br /> ject Based facility, but will become a market rate rental property. This property, however, <br /> will continue to provide rents that are affordable to moderate-income workforce households. <br /> • Five of the subsidized communities are located in Coon Rapids, one is in Blaine and one is in <br /> Anoka. All of the Section 8 buildings were built between 1972 and 1981 —hence they are in <br /> the older portions of the Market Area. There are no subsidized rental buildings in Ramsey. <br /> • Overall, we find that there are very few apartment buildings that are income-restricted to <br /> households with low-to moderate-incomes. Apartments restricted to very low- and low- <br /> income households are more plentiful, despite the fact that demand greatly exceed the current <br /> supply. Based on the current occupancy levels, there is unmet demand for units restricted to <br /> both very low and low to moderate income households. <br /> MAXFIELD RESEARCH INC. 38 <br />