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

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RECOMMENDATIONS AND CONCLUSIONS • Affordable General Occupancy Multifamily Housing— There are two new affordable rental projects in Ramsey; these developments have been very successful and are 98% occupied as of June 2019. The existing products target households between 50% and 60% of area median income. However, new affordable projects would have income -restrictions estab- lished by HUD and could target households with incomes between 50% to 80% of area me- dian income; however, some could be workforce units with affordability up to 120% AMI. Because of the stronger household incomes in Ramsey, affordable housing demand is lower than market rate housing. Together with subsidized housing, we find demand for about 130 income -restricted units in Ramsey. However, since affordable housing develop- ments are in high demand the need is higher as a new project would be attractive to households living outside of Ramsey. Affordable housing attracts households that cannot afford market rate housing units but do not income -qualify for deep subsidy housing. One -bedroom units target singles and couples, whereas two and three -bedroom units target families. Some retired seniors would also be attracted to an affordable concept. We recommend affordable concepts that would target residents at 50% to 60% AMI; but could also target the workforce popu- lation with higher AMI guidelines. Demand is strong for both stand-alone tax credit projects and for mixed -income market rate developments that have a small proportion of units at 50% to 60% AMI. Similar to market rate general -occupancy rental housing, new affordable development will likely oc- cur in multifamily development with higher densities. There is also very strong demand for rental townhomes; especially for families with children. Senior Housing As illustrated in Table CR-1, demand exists for most types of senior housing product types in Ramsey. Over the course of the next five years, there is demand for roughly 350 new senior units through 2024. The unmet of additional senior housing is recommended in order to pro- vide housing opportunity to these aging residents in their stages of later life. The development of additional senior housing serves a two -fold purpose in meeting the housing needs in Ramsey: older adult and senior residents are able to relocate to new age -restricted housing in Ramsey, and existing homes and rental units that were occupied by seniors become available to other new households. Hence, development of additional senior housing does not mean the housing needs of younger households are neglected; it simply means that a greater percentage of hous- ing need is satisfied by housing unit turnover. The types of housing products needed to accom- modate the aging population base are discussed individually in the following section. • Active Adult Rental — Although there is strong demand at this time for active adult rental housing; the Affinity at Ramsey project will be 174 total units and will absorb all demand MAXFIELD RESEARCH AND CONSULTING 148