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HOUSING DEMAND ANALYSIS <br />Estimated Demand for Subsidized/ Affordable Active Adult Senior Housing <br />Table HD-3 presents our demand calculations for subsidized/affordable independent senior <br />housing in the City of Ramsey in 2019 and 2024. <br />In order to arrive at the potential age and income qualified base for low income and affordable <br />housing, we exclude all senior (65+) households with incomes more than $35,000. We exclude <br />homeowner households with incomes between $30,000 and $34,999, as these households <br />would have additional equity that could be converted to monthly income following the sales of <br />their single-family homes. <br />Households in a need -based situation (either requiring services or financial assistance) more <br />readily move to housing alternatives than those in non -need based situations. Hence, the cap- <br />ture rate among each age group is higher than for market rate housing. Capture rates are em- <br />ployed at 1.5% for households age 55 to 64, 10.0% for households age 65 to 74 and 20.0% for <br />households age 75 and older. <br />Seniors in need -based situations are less selective when securing housing than those in non - <br />need based situations. We estimate that a high -quality site would capture a greater proportion <br />of total demand for financially -assisted housing than for market rate housing. <br />Using the methodology described above results in a demand potential for 65 total subsidized or <br />affordable senior units. However, after adjusted for household incomes demand results for 16 <br />subsidized units and 48 affordable units. <br />Adjusting for inflation, we estimate that households with incomes up to $40,000 would be can- <br />didates for financially -assisted independent housing in 2024. We reduce the potential market <br />by homeowner households earning between $35,000 and $39,999 that would exceed income - <br />restrictions once equity from their home sales is converted to monthly income. <br />Following the same methodology, we project demand in Ramsey for 22 subsidized units and 65 <br />affordable units in 2024. <br />MAXFIELD RESEARCH AND CONSULTING 130 <br />