Agenda - Council - 08/27/2019 - Laserfiche WebLink

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Our Mistioi}: To work together to reipoiibly grew our comma nityr, and to provide quality, cent-oliBcdwe, and efficient government services. CC Regular Session 7. 1. Meeting Date: 08/27/2019 By: Chloe McGuire Brigl, Community Development Information Title: Presentation of Housing Study by Maxfield Research and Consulting, LLC Purpose/Background: The purpose of this case is to hear a presentation from Maxfield Research and Consulting, LLC who recently completed a draft of the Comprehensive Housing Market Study for the City. The City authorized the housing study in February 2019 and the purpose of the study was to provide a comprehensive analysis of the City's housing stock, allow us to respond to resident questions and concerns, and make data -driven decisions. A summary of the housing study is attached, as well as a memo from Maxfield Research and Consulting, LLC outlining Twin Cities market trends. Notification: No notification required. Observations/Alternatives: The attached summary of findings lays out the key takeaways from the attached report. Staff would like to note the following findings: • Strong housing demand is projected through 2030. Over this time, demand (after subtracting projects in the planning phases) is projected for roughly 550 general -occupancy units and 348 senior housing units. Finally, for -sale housing demand over the next decade shows a need for nearly 1,500 housing units. Based on the current vacant lot supply and lot ab-sorption, newly platted lots will be needed soon to meet the growing demand for new construction. • Population and household growth have been strong this decade, but down compared to last decade (+28%). However, growth is projected to pick up next decade increasing by 23%. New growth will result from continued for -sale development and multifamily housing constructed in the neighborhoods within or adjacent to the COR. This area will be favored for higher density housing due to the proximity to transit, retail, services, and parks. Funding Source: City of Ramsey's Anoka County HRA Funds. Recommendation: N/A Action: N/A