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

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CHALLENGES AND OPPORTUNITIES Challenges and Opportunities Table CR-2 identified and recommended housing types that would satisfy the housing needs in Ramsey over the next eleven years. The following were identified as the greatest challenges and opportunities for developing the recommended housing types (in no particular order - al- phabetically). • Age of Housing Stock. As illustrated in the Housing Characteristics Section of the report (Ta- ble HC-3, the median year built for a home in Ramsey is 1993 and over 50% of the housing stock was built in the past two decades. As such, Ramsey has a newer housing stock com- pared to most Twin Cities suburban communities. At the same time, about 23% of the housing stock in Ramsey was constructed in the 1970s, a portion of the housing stock in Ramsey may be in need of remodeling programs that reinvestment into the city's owner and renter housing stock. • Affordability. As illustrated in Table HA-4, most householders (83%) can afford the average market rate rent for a one -bedroom at an existing rental project ($1,200) in Ramsey. How- ever, when adjusted for rental household incomes the affordability decreases as 74% of renters could afford a one -bedroom rent. Because the rental housing stock in Ramsey is newer, market rate rents are higher than other Anoka County communities. At the same time, household incomes for Ramsey householders are higher with a median income of $64,000. The new rental housing development in the COR has targeted "lifestyle renters" or those with higher incomes who have enough money to buy a house but choose to rent for the convenience and lifestyle. Many of these renters may be cost burdened, but they choose so for the location, amenities, and proximity to transit. • Housing Resources & Programs. Many communities and local Housing and Redevelopment Authorities (HRAs) offer programs to promote and preserve the existing housing stock. In addition, there are various regional and state organizations that assist local communities enhance their housing stock. The City of Ramsey does not have a tool kit of housing pro- grams that are found in other suburban communities that have a local HRA. However, many of these cities have funding mechanisms and other levies to assist with the cost of of- fering these programs. The following is a sampling of potential programs that could be ex- plored to aid and improve Ramsey's housing stock. o Construction Management Services —Assist homeowners regarding local building codes, reviewing contractor bids, etc. Typically provided as a service by the building depart- ment. This type of service could also be rolled into various remodeling related pro- grams. o Corridor Housing Program - Program where city provides a funding source to acquire sites for multifamily housing development on or near community, commercial, or transit corridors. Funds can also be utilized to assemble larger redevelopment sites for new MAXFIELD RESEARCH AND CONSULTING 152