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

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CHALLENGES AND OPPORTUNITIES 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Historic 30-year Mortgage Rates 1972 to 2019 YTD N N N N oco 00 oco o1Do 000o a01 O O rn rn 0 0 0 0 0 0- am am am am am am am am am am am am am am 0 0 0 0 0 0 0 0 0 0 c-I c-I c-I c-I c-I c-I c-I c-I c-I c-I c-I c-I c-I c-I N N N N N N N N N N • Ramsey COR. The 300+-acre COR is centered around the NorthStar Commuter Rail Station along U.S. Highway 10/U.S. Highway 169 and is the epicenter of activity in the City of Ram- sey. Several multifamily housing projects have been completed or are under construction and the neighborhoods either within or adjacent to the COR should continue to attract mul- tifamily housing development. The sites in the COR will be favored from multifamily hous- ing developers due to the proximity to transit, retail, services, and parks. However, as va- cant parcels are absorbed it will be imperative for the City of maintain other higher -density guided land to accommodate future multifamily housing products. • Naturally Occurring Affordable Housing/Preservation. Based on the rental rates among the rental housing stock inventoried in Ramsey, about 38% of the market rate rental units are considered affordable at 50% and 60% AMI. Although the majority of new rental housing in Ramsey is considered move -up or luxury rentals; 62% of all units in Ramsey are considered affordable at 80% AMI. According to the Harvard's Joint Center for Housing Studies (JCHS) unsubsidized rentals ac- count for more than 75% of the affordable housing stock in the United States. It is esti- mated that over one-third of the naturally occurring affordable housing stock is composed of smaller multifamily buildings from 5 to 49 units. Within the Twin Cities Metro Area, it is estimated that about 60% of the rental stock is unsubsidized rentals affordable to house- holds at or below 50% AMI. MAXFIELD RESEARCH AND CONSULTING 157