Laserfiche WebLink
City of Mounds View 12040 Comprehensive Plan <br />DRAFT May PINovember 267, 2019 <br />Table 3-4: Cost -Burdened by Income Households <br />at or below 30% of AMI <br />31% to 50% of AMI <br />51% to 80% of AMI <br />532 <br />593 <br />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 <br />31% to 50% AMI <br />51% to 80% AMI <br />704 <br />1,467 <br />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 <br />... specifically for Seniors <br />... specifically for People with Disabilities <br />HOUSING PROJECTIONS AND NEEDS <br />181 <br />40 <br />0 <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 />Table 3-7: Housing Allocation by Income Required Units <br />at or below 30% of AMI <br />31% to 50% of AMI <br />51% to 80% of AMI <br />Total Units <br />AMI = Area Median Income <br />13 <br />5 <br />92 <br />27 <br />2 "Boulevard" Apartments, constructed in 2019, includes 60-units at or below 60% AMI. <br />250000 <br />225000 <br />200000 <br />175000 <br />150000 <br />125000 <br />100000 <br />75000 <br />50000 <br />25000 <br />0 <br />r\-/ <br />0 0 <br />N N <br />LO <br />00 <br />N N <br />N <br />O <br />N <br />N <br />O <br />CO <br />rl <br />O <br />N <br />Median Home Value <br />(Mounds View) <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 />Chapter 3: Housing 13-6 <br />