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Item 09C
<br />December 11, 2017
<br />Page 2
<br />The proposed apartments will include 60 -units of affordable workforce housing. Residents will
<br />have an income restriction of 60% of the Area Median Income' (AMI), based on household size.
<br />Household size
<br />1
<br />2
<br />3
<br />4
<br />5
<br />6
<br />7
<br />8
<br />Max HH Income
<br />$36,060
<br />$41,220
<br />$46,380
<br />$51,480
<br />$56,620
<br />$59,760
<br />$63,840
<br />$67,980
<br /># of Apt Bedrooms
<br />1
<br />2
<br />3
<br />4
<br />5
<br />6
<br />Hopkins
<br />19,000
<br />Max HH Rent
<br />$966
<br />$1,159
<br />$1,338
<br />$1,494
<br />$1,647
<br />$1,801
<br />$854
<br />Mendota Heights
<br />Est Gross Rent at
<br />"Boulevard"'
<br />$784
<br />$942
<br />$1,115
<br />Mounds View
<br />13,161
<br />69.7%
<br />1,435
<br />$789
<br />Avg. MV Rent'
<br />$1,036
<br />$1,282
<br />$1,795
<br />$1,835
<br />North St. Paul
<br />12,069
<br />66.8%
<br />1,103
<br />Avg. 2016 MV -SLP*
<br />Rent4
<br />$777
<br />$894
<br />$1,304
<br />1,342
<br />$945
<br />Roseville
<br />35,836
<br />64.1%
<br />Avg. 2017 MV -SLP*
<br />Rents
<br />$803
<br />$902
<br />26,366
<br />81.6%
<br />1,761
<br />$1,137
<br />Spring Lake Park
<br />6,406
<br />* MV -SLP = Mounds View - Spring Lake Park prime market area
<br />There are 5,280 housing units in Mounds View (2016). According to the City's rental licensing
<br />records, there are 1,511 multi -family rental units and 240 single-family rental units (2017).
<br />The table below is a comparison of Mounds View and neighboring cities, and cities of a similar
<br />population (10,000 - 20,000) and location (urban, suburban).
<br />City
<br />Population Est
<br />(2016)
<br />Homeownership
<br />(2015)
<br />Number of
<br />Multi -Family
<br />units (5+
<br />units 2016
<br />Median Gross
<br />Rent (all housing
<br />types) (2015)
<br />Anoka
<br />17,995
<br />51.9%
<br />2,793
<br />$856
<br />Arden Hills
<br />9,966
<br />84.9%
<br />424
<br />$1,345
<br />Blaine
<br />64,188
<br />90.5%
<br />2,071
<br />$1,047
<br />Fridley
<br />28,631
<br />61.6%
<br />3,426
<br />$883
<br />Hopkins
<br />19,000
<br />34.6%
<br />5,044
<br />$926
<br />Little Canada
<br />10,101
<br />61.5%
<br />2,083
<br />$854
<br />Mendota Heights
<br />11,283
<br />87.4%
<br />643
<br />$1,105
<br />Mounds View
<br />13,161
<br />69.7%
<br />1,435
<br />$789
<br />New Brighton
<br />22,618
<br />61.5%
<br />3,357
<br />$851
<br />North St. Paul
<br />12,069
<br />66.8%
<br />1,103
<br />$755
<br />Robbinsdale
<br />14,704
<br />66.3%
<br />1,342
<br />$945
<br />Roseville
<br />35,836
<br />64.1%
<br />5,841
<br />$900
<br />Shoreview
<br />26,366
<br />81.6%
<br />1,761
<br />$1,137
<br />Spring Lake Park
<br />6,406
<br />74.6%
<br />528
<br />$884
<br />Vadnais Heights
<br />12,910
<br />81.9%
<br />991
<br />$986
<br />Source: Metropolitan Council Community Profiles
<br />1 Minnesota Housing Finance Agency, Housing Tax Credits & Tax Exempt Bond Income and Rent Limits, Table I, p.
<br />31 [Ramsey County, effective 03-28-2016].
<br />z Bowen National Research (2017), Preliminauy Tax Credit Support - The Boulevard, Pickerington, OH (p. 2)
<br />' Rupert, Craig, Bowen National Research, (2017). Price per sq ft - Mounds View, Minnesota. Re: Preliminmy Tax
<br />Credit Support- The Boulevard (Mounds View, MN).
<br />4 Bujold, M., Wilder, R. (2016). Table 7 Average Rents/Vacancies Trends Primary Market Area Third Quarter
<br />2015. Initial Market Assessment for General Occupancy Market Rate rental housing in Mounds View, MN.
<br />s Bujold, M. (2017). Table 2 Average Rents/Vacancies Trends Mounds View Primary Market Area First Quarter
<br />2016 and First Quarter 2017. Market Opinion Letter - Mix/Sizes/Pricing - Crossroad Pointe, Mounds View, AlIN.
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