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City of Ramsey 2030 Comprehensive Plan Update <br /> Chapter 7:Housing Plan <br /> 5. The price of existing single-family housing is affordable for the average family living in the <br /> metropolitan area.According the Anoka County Assessor's records, in 2005 the mean market value <br /> for housing in Ramsey was about $198,000. The average home price in 1990 was $111,000, which <br /> results in an increase of 56% from 1990 to 2000. There are 3,765 (64% of total) homes in Ramsey <br /> that are affordable to households earning 80% of the Area Median Income (AMI). Furthermore,only <br /> 17% of Ramsey residents pay more than 30% of their income to housing costs. It must be noted, <br /> however,that the county assessor's estimated market value is usually below the true market value of <br /> property. This factor limits conclusions about the affordability of existing housing in Ramsey. <br /> 6. The price of new single-family housing is increasingly unaffordable. While the average home <br /> price in Ramsey is relatively affordable to a household earning the area median income (about <br /> $76,000), the cost of new housing is substantially more expensive. The average market value of a <br /> home built between 1990 and 2005 is $220,000,which is barely affordable to households earning the <br /> median income. <br /> 7. Ramsey has very few alternatives to homeownership. As of 2007, only 4% of the housing stock <br /> was rental. In the rental complexes there is very low vacancy rate and waiting lists for the senior <br /> rental complex. To have a balanced housing supply, affordable and market rate rental opportunities <br /> are essential. <br /> IMPLEMENTATION STRATEGIES: <br /> 1) Work toward developing various senior housing options including independent living, <br /> cooperatives,and assisted living facilities,both market rate and affordable. <br /> a. Tactic-Evaluate opportunities to provide Tax Increment Financing (TIF) for senior housing <br /> projects, such as Crest View Senior Communities' proposed project for the Ramsey Town <br /> Center. <br /> b. Tactic-Pursue partnerships with non-profit developers of senior housing, such as Lord of <br /> Life,Anoka County, and others <br /> c. Tactic-Continue to promote the Town Center as a neighborhood for residents of all ages, <br /> complete with amenities, multi-modal transportation options, recreation, and a variety of <br /> housing choices. <br /> 2) Focus on providing choices for empty-nesters, including aging in place and downsizing, to <br /> allow the majority of current residents to stay in Ramsey. <br /> a. Tactic- Evaluate lot split programs to allow seniors to split off their lot for income <br /> generation and downsizing <br /> b. Tactic- Consider the establishment of grant and/or loan remodeling programs to help seniors <br /> stay in their homes. <br /> c. Tactic- Consider coordinating service programs that would assist seniors with yard work or <br /> other home improvement projects. <br /> d. Tactic- Consider providing referral assistance to seniors looking to move to a smaller home <br /> within Ramsey or the surrounding areas. <br /> e. Tactic — Investigate the feasibility and desirability of allowing accessory apartments in <br /> residential areas. <br /> 3) Provide opportunities for young adults to continue to live in Ramsey after leaving their <br /> parents' homes by supporting the development of quality rental housing. <br /> City of Ramsey 2030 Comprehensive Plan Page 7-16 <br />