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Item 08A <br />Page 8 of 22 <br />Affordable Housing <br />(i) <br />The Resolution includes conditions to comply with the City <br />Code. Additional compliance will be achieved via the building <br />permit process. <br />Dwelling unit and accessory use requirements are in <br />compliance with the district provisions in which the <br />development is planned. <br />PUD requirements are at the discretion of the City Council. <br />Every ten years (e.g. 2021-2030), the Metropolitan Council <br />forecasts a need for the number of new affordable housing units in <br />the seven county metro, and assigns an "Allocation of Need" to <br />each sewered city. Taken into consideration is; (1) the city's <br />forecasted population growth; (2) existing affordable housing <br />stock; and (3) the ratio of low -wage jobs to low wage earning <br />residents. In the metro, there is a need for 41,747 new affordable <br />units, including 3,455 units in Ramsey County, and 59 units in <br />Mounds View.16 Mounds View is not required to provide <br />affordable housing, but is required to guide land that would allow <br />affordable housing to be built. New affordable housing is most <br />likely to occur on land guided in the Comprehensive Plan as <br />Mixed Use. <br />NEED for units <br />affordable to <br />households with <br />income at or <br />below 30% AMI <br />NEED for units <br />affordable to <br />households with <br />income 31% to <br />50% AMI <br />NEED for units <br />affordable to <br />households with <br />incomes 51% to <br />80% AMI <br />TOTAL <br />Mounds View Allocation of Need, 2021-203017 <br />24 <br />0 <br />12 <br />36 <br />Woodale Apartments <br />14 <br />126 <br />0 <br />140 <br />TOTAL Need (after Woodale) <br />10 <br />0 <br />12 <br />22 <br />The following is a comparison of 2022-2023 rents for larger <br />apartment complexes in Mounds View. <br />Comparable gross rents (per bedroom units)18 <br />Built <br /># units <br />1 bdrm <br />2 bdrm <br />3 bdrm <br />Boulevard <br />Apartments <br />2901 Mounds <br />View Blvd <br />2019 <br />60 <br />$850 - $1,107 <br />$1,170 - $1,344 <br />$1,470 - $1,543 <br />Gray Stone <br />Flats <br />2390 Mounds <br />View Blvd <br />2020 <br />128 <br />$1,385 — $1,580 <br />$1,675 - $1,895 <br />$2,125 - $2,140 <br />H2 Flats <br />1972 <br />385 <br />$1,150 <br />$1,250 - $1,350 <br />N/A <br />16 Metropolitan Council, 2021-2030 Allocation of Affordable Housing Need. <br />17 The Villas of Mounds View, 4889 Old Highway 8 (opening fall 2023), is a 120-unit apartment building, reducing <br />the City's 2021-2030 Allocation of Need, from 27 to 24 units at < 30% AMI, from 11 to 0 units at 31%-50% AMI, <br />and from 21 to 12 units at 51%-80% AMI. <br />18 Rental Rates were provided by apartment owners as part of their annual Rental License renewal application. <br />The rates shown are from the most recent (2022 or 2023) license application. Rates may or may not include <br />utilities and parking. Units may be different sizes and have different amenities. Therefore, this is not an <br />"apples -to -apples" comparison. <br />The mounus view vision <br />A Thriving Desirable Community <br />