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<br />Overall, the 2050 population and household forecasts show a decrease in what is currently for <br /> in the 2040 plan. The following chart compares the City’s current 2040 Comprehensive Plan <br />projections with Imagine 2050. <br />Comp PlanThrive <br />20402050Difference <br />Population 31,10029,200(1,900) <br />Households 10,60010,200(400) <br />Employment 6,0006,000NC <br />The forecasted 2050 population projections decrease by 1,900 persons and 400 households <br />over what is currently forecasted for 2040. The reduction in forecasted growth is, in part, due <br />to the continued evaluation and study of the northeast metro water supply constraints. <br />Employment projections are expected to remain the same. <br />Housing Policy Plan <br />Communities are required to include a housing element and implementation program in their <br />comprehensive plan. Minn. Stat. 473.859, Subd 2(c) states: <br /> “A land use plan must also include a housing element containing standards, plans and programs <br />for providing adequate housing opportunities to meet existing and projected local and regional <br />housing needs, including but not limited to the use of official controls and land use planning to <br /> promote the availability of land for the development of low- and moderate-income housing.” <br />For 2025, the rental affordability limit is 60% and the ownership affordability limit is 80% of the <br />area median income (AMI). In 2025, the area median income for a household of four is <br />$132,400. The current affordability amounts are as follows: <br />2025 Rental housing <br /># Bedrooms30% AMI50% AMI60% AMI80% AMI <br />Efficiency$694$1,158$1,389$1,852 <br />1 Bedroom$744$1,241$1,489$1,985 <br />2 Bedrooms$894$1,490$1,788$2,384 <br />3 Bedrooms$1,032$1,721$2,065$2,753 <br />4 Bedroom$1,152$1,920$2,304$3,072 <br />Ownership housing <br />For owner-occupied housing, the income limit includes principal, interest, property taxes and <br />home insurance. <br />3 <br /> <br />