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

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RECOMMENDATIONS AND CONCLUSIONS for active rental senior housing in the next five years. Hence, we do not recommend any additional active adult senior housing until this project has been absorbed and the senior population grows. • Active Adult Senior Cooperative/Owner — There are no age_restricted senior housing own- ership projects in Ramsey at this time. Maxfield Research and Consulting, LLC projected demand for 72 ownership units over the next five years. The cooperative model, in partic- ular, appeals to a larger base of potential residents in that it has characteristics of both rental and ownership housing. Cooperative developments allow prospective residents an ownership option and homestead tax benefits without a substantial upfront investment as would be true in a condominium development or life care option. Maxfield Research & Consulting, LLC has found the cooperative model to be very well -accepted in suburban communities in the Twin Cities Metro Area and across the Midwest. As such, we recom- mend a 60 to 70-unit senior cooperative later this decade with sliding scale share costs starting at about $150,000. • Affordable/Subsidized Active Adult Rental — Ramsey's demand for affordable and subsidized senior housing is approximately 50 affordable units and 35 subsidized units through 2024. Although this product would be well received by seniors in and near the Ramsey area; it can be difficult to develop given financing challenges and development costs. Affordable senior housing will likely be a low-income tax credit project through the Minnesota Housing Fi- nance Agency (MHFA). MHFA recently started to consider affordable senior housing pro- jects under the tax credit program and is slowly starting to expand financing for this product type. Affordable/subsidized senior housing products can also be incorporated into a mixed - income building which may increase the projects financial feasibility. We recommend a 70 to 80-units affordable building that could be a stand-alone concept or incorporated into a mixed -income building in the future after the Affinity at Ramsey has reached stabilize occu- pancy and demand has increased. • Independent Living/Congregate — There are no independent living senior housing properties in Ramsey at the time of this study. Demand was calculated for upwards of 110 congregate units through 2024. Based on this demand, one or two projects could be supported in the community to meet this forthcoming demand. We recommend a mix of one -bedroom, one - bedroom plus den, and two -bedroom units. Base monthly rents should range from $1,800 for one -bedroom units to $2,500 for two -bedroom units. The monthly fees should include all utilities (except telephone and basic cable/satellite television) and the following services: • I'm OK program; • Daily noon meal; • Regularly scheduled van transportation; • Social, health, wellness and educational programs; • 24-hour emergency call system; and • Complimentary use of laundry facilities. MAXFIELD RESEARCH AND CONSULTING 149