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�. CcJl1 L ,`1)i <br />Projected Housing Need <br />Ramsey's population is anticipated to steadily increase through 2040. In order to accommodate the future <br />growth, there will need to be additional housing units within Ramsey. A variety of housing types will need to <br />be provided in order to house residents of all income levels, stages of life, and housing preferences. For <br />instance, young families may prefer single family homes or townhomes, while seniors may prefer a denser <br />living environment near The COR. <br />By 2040, the City of Ramsey will need to provide almost 4,000 additional housing units for almost 8,000 <br />additional residents. Population and housing projections through 2040 are shown below. <br />2010 2020 2030 2040 <br />Population 23,668 26,400 30,700 34,700 <br />Households 8,033 9,400 11,300 13,000 <br />Source: Metropolitan Council <br />Affordable Housing Allocation <br />The City participates in the Livable Communities Program of the Metropolitan Council, which provides <br />access to a number of funding opportunities. As part of said participation, the City plans for an allocation of <br />affordable housing. The total need for affordable housing in the region from 2021 — 2030 is 37,900 units In <br />order to reach this total need, the City of Ramsey will need to provide an additional 499 units by 2030. The <br />breakdown of unit types is shown below. <br />Affordable housing is defined by different affordability levels depending on tenant income. Affordability <br />levels for necessary affordable housing in Ramsey is shown at three different levels below. 292 units will be <br />required for those who make less than 30% Area Median Income (AMI). In 2015, annual income for those in <br />this type of housing would need to be less than $25,980 as the 2015 AMI was $86,600 for a family of four in <br />the region. <br />The need for affordable housing is shown below. As the City of Ramsey meets its affordable housing need, <br />less Ramsey residents will experience a housing cost -burden. These residents, many of whom are members of <br />the workforce in Ramsey and surrounding communities, can reside in our community without fear of <br />homelessness. <br />Table 8: <br />Affordability Level Number of Units <br />At or Below 30% AMI 292 <br />31 % to 50% AMI 167 <br />51 % to 80% AMI 40 <br />Total Units 499 <br />Source: Metropolitan Council Existing Housing Assessment, total fiousing units 8,896 <br />City of Ramsey 2040 Comprehensive Plan Update <br />Housing Plan <br />Page 19 of 23 <br />