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119 <br />Projected Housing Need <br />Ramsey's population is anticipated to steadily increase through 2040. In order to accommodate the <br />future growth, there will need to be additional housing units within Ramsey. A variety of housing <br />types will need to be provided in order to house residents of all income levels, stages of life, and <br />housing preferences. For instance, young families may prefer single family homes or townhomes, <br />while seniors may prefer a denser living environment near The COR. <br />By 2040, the City of Ramsey will need to provide almost 4,000 additional housing units for almost <br />8,000 additional residents. Population and housing projections through 2040 are shown below. <br />Table 57: Population and Households by Decade <br />Source: Metropolitan Council <br />Affordable Housing Allocation <br />The City participates in the Livable Communities Program of the Metropolitan Council, which <br />provides access to a number of funding opportunities. As part of said participation, the City plans <br />for an allocation of affordable housing. The total need for affordable housing in the region from <br />2,021 - 2030 is 37,900 units. In order to reach this total need, the City of Ramsey will need to <br />nr. ojd^nlan for -a n additional 499 units bvetween 2021 and 2030. The breakdown of unit tunes is <br />shown below <br />Affordable housing is defined by different affordability levels depending on tenant income. <br />Affordability levels for necessary affordable housing in Ramsey is shown at three different levels <br />below. 292 units will be required for those who make less than 30% Area Median Income (AMI). In <br />2015, annual income for those in this type of housing would need to be less than $25,980 as the <br />2015 AMI was $86,600 for a family of four in the region. <br />The need for affordable housing is shown below. As the City of Ramsey meets its affordable housing <br />need, less Ramsey residents will experience a housing cost -burden. These residents, many of whom <br />are members of the workforce in Ramsey and surrounding communities, can reside in our <br />community without fear of homelessness. <br />Table 58: Housing Affordability Need <br />At or Below 30%AMI <br />31%to 50%AMI <br />51 % to 80% AMI <br />Total Units <br />292 <br />167 <br />411 <br />499 <br />Source. Metropolitan Council Existing Housing Assessment, total housing units 8,896 <br />Guided Land Use <br />The Future Land Use Map shows the areas guided for low density, medium density, and <br />high density residential. The areas included in The COR are estimated to be approximately <br />city of RAMSEY <br />Comprehensive Plan 2040 <br />