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Item 02b <br />Page 8 of 10 <br />Resources needed <br />Developable land <br />Notes <br />At a previous City Council Work Session, the Council verbally clarified <br />that "affordable housing" means housing that is affordable to the average <br />Mounds View resident, e.g. $73,243 median household income4, or <br />maximum of $2,197 (30% of income) p/month housing expenses <br />(mortgage or rent + utilities). This is generally equivalent to a $314,000 <br />house'. The median home in Mounds View has an Estimate Market <br />Value of $270,500. <br />The Metropolitan Council assigns an Allocation of Need for affordable <br />housing to each metro city and township. After completion of Villas of <br />Mounds View, the City's Allocation is anticipated to be: <br />11 units @ < 30% AMI <br />11 units @ 31 % - 50% AMI <br />0 units @ 51 % - 80% AMI <br />30% AMI = household income of $13,200 (11 -person), $15,100 (2 <br />persons), and $16,980 (3 persons) (2019 dollars). <br />Goal D : Ensure Housing Rental Program is robust, easy for landlords to <br />understand and follow and apply to and enforce. <br />Problem identified <br />1. Housing Rental Program is robust. <br />2. [Housing Rental Program] easy for landlords to understand and follow <br />and apply to <br />3. [Housing Rental Program is] enforce[able]. <br />Why it matters <br />29% (1,521) of Mounds View households are "occupied" rental units <br />(5.5% vacant).6 2,336 rental units are licensed by Mounds View (108 <br />buildings with 4+ units). <br />Solvable, or <br />Solvable. <br />impossible? <br />What Success <br />"No problems" to be experienced. <br />looks like <br />Who is <br />Jon Sevald, Community Development Director <br />responsible? <br />Isaiah Schoeman, Fire Marshal/Firefighter/Code Inspector <br />Jenny Nelson, Permit Technician <br />4 US Census Bureau, 2020 American Community Survey 5-year Estimate Subject Tables <br />5 Google/Lenclingtree.com mortgage calculator. <br />6 US Census Bureau, 2016-2020 American Community Survey <br />i lie nnounus vie.. —lull <br />A Thriving Desirable Community <br />