Laserfiche WebLink
CONCLUSIONS AND RECOMMENDATIONS <br /> <br />more drawn to an age-restricted building, which is among the products recommended in this re- <br />port. <br /> <br />General Occupancy Rental <br /> <br />There is an identified need for more market rate and affordable general occupancy rental units in <br />Ramsey to serve workforce households. Our recommended rental concept is shown in Table 29, <br />including unit mix, sizes and rents. <br /> <br />The affordable units in Table 29 (restricted to households earning 50% to 60% of median income <br />- or about $31,000 to $37,000 for two-person households) would satisfy need from many <br />younger households in entry-level jobs in Ramsey and the surrounding area. Market rate units <br />would also satisfy a portion of the demand from workforce households with incomes slightly too <br />high to qualify for subsidized/affordable units. It should also be noted, however, that because of <br />high land, material, and labor costs, the rents for a market rate building to be financially feasible <br />may be too high for the community to even draw much of its target market - moderate- to aver- <br />age-income younger households. Thus, to reduce development costs for the market rate units, <br />we recommend a mixed-income rental building that includes both affordable and market rate <br />units. <br /> <br /> TABLE 29 <br />RECOMMENDED RENTAL HOUSING COMMUNITY <br />CITY OF RAMSEY <br /> January 2006 <br /> <br /> Pct. of Square Affordable Rent/ <br />Unit Type Units Feet Rate Sq. Ft. <br />IBR 30% - 35% 775 - 800 $675 - $700 $0.87 - $0.88 <br />2BR 50% - 60% 1,025 - 1,075 $825 - $925 $0.80 - $0.86 <br />3BR 10% - 15% 1,250 - 1,325 $1,000 - $1,050 $0.80 - $0.79 <br />Total 80 - 100 <br /> <br />.~.;~~:~C~/~.~:'i;:r~/~z~RI~~rrNI~;:.~ ~;~ <br /> <br /> IBR 35% - 40% 800 - 825 $875 - $950 $1.09 - $1.15 <br /> 2BR 45% - 55% 1,075 - 1,175 $1,150 - $1,300 $1.07 - $1.11 <br /> 3BR 10% - 15% 1,300 - 1,400 $1,400 - $1,500 $1.08 - $1.07 <br /> Total 125 - 140 <br /> <br /> Note: recommended rents are in 2006 dollars and can be trended upward by 2.5% <br /> annually until opening. ~ <br /> <br /> Source: Maxfield Research, Inc. <br /> <br />As shown in Table 29, we recommend a mixed-income apartme~nt building with 205 to 240 units. <br />Sixty percent of the units (125 to 140 units) should be market rate, totaling 125 to 140 units. The <br />remaining 40% of units should be affordable to households at a 'mix of those at 50% and 60% of <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />59 <br /> <br />51 <br /> <br /> <br />