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Planning Case MU2017-001
<br />July 19, 2017
<br />Page 3
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<br />Affordable Housing
<br />The proposed apartments will include 60-units of affordable workforce housing.
<br />
<br />Residents will have an income restriction of 60% of the Area Median Income3 (AMI),
<br />based on household size.
<br />
<br />Household size 1 2 3 4 5 6 7 8
<br />Max HH Income $36,060 $41,220 $46,380 $51,480 $56,620 $59,760 $63,840 $67,980
<br /># of Apt Bedrooms 1 2 3 4 5 6
<br />Max HH Rent $966 $1,159 $1,338 $1,494 $1,647 $1,801
<br />Avg. MV Rent 4 $1,036 $1,282 $1,795 $1,835
<br />Avg. MV-SLP Rent 5 $777 $894 $1,304
<br />
<br />During a previous Planning Commission meeting, there were questions about how
<br />many rental units there are in the City, and how many are affordable.
<br />
<br />There are 5,280 housing units in Mounds View (2016). According to the City’s rental
<br />licensing records, there are 1,511 multi-family rental units and 240 single-family rental
<br />units (2017) (33% of total housing stock is rental).
<br />
<br />MWF Properties commissioned a rental
<br />housing study in 2017 (see Figure 1 for
<br />areas included). In summary, within this
<br />market area, the number of rental
<br />households is projected to grow by 221 units
<br />(3.1%) between 2016 and 2021.6 The
<br />proposed project is 60-units.
<br />
<br />According to HUD 7, subsidized housing
<br />facilities within Mounds View include; (1)
<br />Silver Lake Commons (50 units),
<br />constructed in 1999; (2) Wildwood Manor
<br />(40 units), limited to elderly tenants, and
<br />constructed in 1983; and (3) Mounds View
<br />
<br />3 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 />4 Rupert, Craig, Bowen National Research, (2017). Price per sq ft – Mounds View, Minnesota. Re: Preliminary Tax
<br />Credit Support – The Boulevard (Mounds View, MN).
<br />5 Bujold, M., Wilder, R. (2016). Table 7 Average Rents/Vacancies Trends Primary Market Area Third Quarter 2015.
<br />Initial Market Assessment for General Occupancy Market Rate rental housing in Mounds View, MN.
<br />6 Rupert, Craig, Bowen National Research, (2017). Price per sq ft – Mounds View, Minnesota. Re: Preliminary Tax
<br />Credit Support – The Boulevard (Mounds View, MN).
<br />7 US Housing and Urban Development (HUD), HUD Electronic Geospatial Information Systems, accessed June 21,
<br />2017.
<br />Figure 1: Primary Market Area of Housing Study (Bowen
<br />National Research)
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