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<br />City of Mounds View | 2040 Comprehensive Plan <br />DRAFT May 14November 267, 2019 <br /> <br /> <br />Chapter 3: Housing | 3-6 <br /> <br />Table 3-4: Cost-Burdened by Income Households <br />at or below 30% of AMI 532 <br />31% to 50% of AMI 593 <br />51% to 80% of AMI 144 <br />The median home value in Mounds View was $219,100 in 2018 compared <br />to $208,000 in 2010. Most of the housing units in the City were affordable for <br />households earning 51% to 80% AMI. A much smaller number were affordable <br />to those earning a smaller percent AMI. The number of affordable units for <br />each income bracket below AMI are calculated in Table 3-5. <br />Table 3-5: Affordable Units by Income Housing Units <br />at or below 30% AMI 704 <br />31% to 50% AMI 1,467 <br />51% to 80% AMI 2,612 <br />Some housing units in Mounds View are publicly subsidized. A certain <br />number of those units are supplied specifically for seniors. The number of <br />publicly subsidized homes is calculated with sub-categories in Table 3-6. <br />Table 3-6: Subsidized Housing Number of Units <br />Publicly Subsidized 181 <br />… specifically for Seniors 40 <br />… specifically for People with Disabilities 0 <br /> <br />HOUSING PROJECTIONS AND NEEDS <br />Although Mounds View is largely built-out, it will need to continue to grow <br />as local and regional demographics evolve. The city will need to accommodate <br />a rising population including residents of all socioeconomic backgrounds. The <br />Metropolitan Council requires Mounds View to supply 27 new affordable units <br />by 2040. The allocation of needed units by income brackets below AMI are <br />calculated in Table 3-7. <br /> <br />2 “Boulevard” Apartments, constructed in 2019, includes 60-units at or below 60% AMI. <br />Table 3-7: Housing Allocation by Income Required Units <br />at or below 30% of AMI 13 <br />31% to 50% of AMI 5 <br />51% to 80% of AMI 9 2 <br />Total Units 27 <br />AMI = Area Median Income <br /> <br />Reinvestment <br />Many apartment buildings in Mounds <br />View were built in the 1960’s and <br />1970’s without indoor parking, <br />elevators, or other modern amenities, <br />and are naturally occurring affordable <br />housing, with rents $0.90 - $1.10 per sq <br />ft for a two-bedroom unit ($900 - $1,300 <br />per month), as of 2018. <br />In 2018, BBH Management purchased <br />the 48-unit Ridgewood Apartments. As <br />leases expire, BBH has remodeled <br />each unit, floor to ceiling, investing <br />about $10,000 per unit, with a goal of <br />rents of about $1 per square foot <br />(garage extra). <br />Reinvestment in multi-family housing is <br />critical to maintain these older buildings <br />and stabilize neighborhoods. <br />0250005000075000100000125000150000175000200000225000250000 <br />2000200320062009201220152018Median Home Value <br />(Mounds View)