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Item 08A
<br />Page 9 of 22
<br />Landmark
<br />Estates
<br />5400 Landmark
<br />Cir
<br />1984
<br />132
<br />$1,025 - $1,125
<br />$1,325 - $1,425
<br />$1,530
<br />The Sands
<br />5445 Jackson Dr
<br />1971
<br />90
<br />$1,025
<br />$1,200
<br />$1,600
<br />Silver Lake
<br />Commons
<br />2657-2665
<br />Mounds View Blvd
<br />1970
<br />54
<br />$929
<br />$1,225
<br />N/A
<br />Silverwood
<br />Flats
<br />7180-7190 Silver
<br />Lake Rd
<br />1968
<br />40
<br />$1,150
<br />$1,350
<br />N/A
<br />Woodale
<br />Apartments19
<br />2310 Mounds
<br />View Blvd
<br />140
<br />$616 - $1,320
<br />$792 - $1,584
<br />$915 - 1,830
<br />The following two charts relate to Minnesota Housing Finance
<br />Agency (MHFA) household income and rent limits for projects
<br />receiving state subsidies.
<br />Income limits by household size20
<br />1
<br />2
<br />3
<br />4
<br />5
<br />6
<br />7
<br />8
<br />30%AMI
<br />$24,660
<br />$28,170
<br />$31,680
<br />$35,190
<br />$38,010
<br />$40,830
<br />$43,650
<br />$46,470
<br />50%AMI
<br />$41,100
<br />$46,950
<br />$52,800
<br />$58,650
<br />$63,350
<br />$68,050
<br />$72,750
<br />$77,450
<br />80%AMI
<br />$65,760
<br />$75,120
<br />$84,480
<br />$93,840
<br />$101,360
<br />$108,880
<br />$116,400
<br />$123,920
<br />Maximum Gross Rents by bedroom size21
<br />1
<br />2
<br />3
<br />30% AMI
<br />$660
<br />$792
<br />$915
<br />50%AMI
<br />$1,100
<br />$1,320
<br />$1,525
<br />80%AMI
<br />$1,761
<br />$2,112
<br />$2,440
<br />Population
<br />The project relates to the City's 2023-2025 Strategic Plan, and
<br />2040 Comprehensive Plan. Among the Strategic Plan strategies,
<br />includes; "Support the development of a variety of house stocks
<br />that includes affordable and market rate and the maintenance of
<br />properties", and; "Continuing supporting tax increment financing
<br />(TIF) as an economic development tool." The Metropolitan
<br />Council forecasts affordable housing needs throughout the region,
<br />allocating each community its share of that need, and requires
<br />Comprehensive Plans to guide sufficient land at residential
<br />densities to accommodate this need.
<br />Based on Staff's analysis of population per household data
<br />analysis provided by the Metropolitan Council, Staff estimates the
<br />140-unit apartment building will be home to 343 residents,
<br />including 72 residents that are school -age.
<br /># of units
<br />Age 0-4
<br />Age 5-17
<br />Age 18+
<br />Total
<br />1-bedroom
<br />35
<br />1.19
<br />1.54
<br />43.51
<br />2-bedroom
<br />70
<br />16.31
<br />25.62
<br />120.05
<br />3-bedroom
<br />35
<br />15.23
<br />44.38
<br />74.73
<br />TOTAL
<br />140
<br />33
<br />72
<br />238
<br />343
<br />19 Proposed gross rents provided by Reuter Walton Development for Mounds View Planning
<br />November 2, 2022.
<br />20 Minnesota Housing Finance Agency; Income Limits and Maximum Rents; Table N: Projects
<br />or after 04/01/2022; Ramsey County, effective 04/18/2022
<br />21 Minnesota Housing Finance Agency; Income Limits and Maximum Rents; Table N: Projects
<br />or after 04/01/2022; Ramsey County, effective 04/18/2022
<br />The Mounds View Vision
<br />A Thriving Desirable Community
<br />Commission packet,
<br />Placed in Service on
<br />Placed in Service on
<br />
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