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2008 Mounds View Comprehensive Plan ________________________________________________________________________ The Metropolitan Council also has studied housing costs. They define affordable housing based on monthly rental and ownership purchase price amounts that they consider affordable to low and moderate-income families. Housing is not affordable if an individual or family is spending more than 30% of their income on housing costs. The Metropolitan Council has determined the affordability limit for homeownership with an income level of 80% of area median income in 2007 was $206,800 and for those that have an income that is 60% of the median income is $152,000. Ramsey County’s median estimated market value of single-family homes in Mounds View for 2007 was $208,350 and that value dropped 4% in 2008 to $199,200. To ensure the region has an adequate supply of affordable housing as the metropolitan area continues to grow, the Metropolitan Council expects every city in the 7-county metro area to plan for additional affordable housing. To this end, the Metropolitan Council has determined each city’s share of the regional need for additional affordable housing. They determined this allocation by studying a variety of factors including the anticipated household growth for the region, housing vacancy rates, low-wage proximity, transit service and other factors. For Mounds View, there is a need for 81 additional affordable housing units by the year 2020, according to the Metropolitan Council. Accommodating the 81 additional units of affordable housing by the year 2020 will be a challenge for a City such as Mounds View since the City is nearly completely developed. However, the City has designated all redevelopment areas with a land use designation of Mixed-Use Planned Unit Development. This land use designation provides a possibility for new housing projects that could include higher density housing. The Metropolitan Council will assist in the effort to build more affordable housing by administering programs and resources that encourage a more diverse housing stock and to reduce housing costs. The City participates in the Metropolitan Council’s Livable Communities Act (LCA) and has affordable and life cycle housing goals. Participation in this program enables the City to participate in the LCA grant program and some State or Minnesota financial assistance programs. The City could use funding through these programs to assist the City’s redevelopment efforts. When considering housing policies and strategies, the City must take into consideration the shifting demographics and changing needs of residents. The residential development pattern primarily consists of detached single-family homes that have been generally constructed to meet the needs of young families. The City must try to provide additional housing opportunities to address the needs of the aging population while attracting and retaining younger households. Life cycle housing policies help support the construction of rental and owner-occupied units that are affordable to low and moderate income buyers and also the move-up buyer. Such policies also support a variety of housing styles, types and densities that provide housing options for persons as they move through the different stages of life. Chapter 4: Housing 4-14