|
Item 08A
<br />Page 12 of 26
<br />NEED for units
<br />NEED for units
<br />NEED for units
<br />TOTAL
<br />affordable to
<br />affordable to
<br />affordable to
<br />households with
<br />households with
<br />households with
<br />income at or
<br />income 31% to
<br />incomes 51% to
<br />below 30%AMI
<br />50% AMI
<br />80% AMI
<br />Mounds View Allocation of Need, 2021-203021
<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 22
<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 />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 />Apartments23
<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 size 24
<br />1
<br />1 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 />2' 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 />22 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 />23 Proposed gross rents provided by Reuter Walton Development for Mounds View Planning Commission packet,
<br />November 2, 2022.
<br />24 Minnesota Housing Finance Agency; Income Limits and Maximum Rents; Table N: Protects Placed in Service on
<br />or after 04/01/2022; Ramsey County, effective 04/18/2022
<br />The Mounds View Vision
<br />A Thriving Desirable Community
<br />
|