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City of Mounds View | 2040 Comprehensive Plan Chapter 3: Housing | 3-6 Table 3-4: Cost-Burdened by Income Households at or below 30% of AMI 532 10% 31% to 50% of AMI 593 11% 51% to 80% of AMI 144 3% The median home value in Mounds View was $219,100 in 2018 compared to $208,000 in 2010. Most of the housing units in the City were affordable for households earning 51% to 80% AMI. A much smaller number were affordable to those earning a smaller percent AMI. The number of affordable units for each income bracket below AMI are calculated in Table 3-5. Table 3-5: Affordable Units by Income Housing Units at or below 30% AMI 704 13% 31% to 50% AMI 1,467 28% 51% to 80% AMI 2,612 49% Some housing units in Mounds View are publicly subsidized. A certain number of those units are supplied specifically for seniors. The number of publicly subsidized homes is calculated with sub-categories in Table 3-6. Table 3-6: Subsidized Housing Number of Units Publicly Subsidized 181 3% … specifically for Seniors 40 1% … specifically for People with Disabilities 22 <1.% HOUSING PROJECTIONS AND NEEDS Although Mounds View is largely built-out, it will need to continue to grow as local and regional demographics evolve. The city will need t o accommodate a rising population including residents of all socioeconomic backgrounds. The Metropolitan Council requires Mounds View to supply 27 new affordable units by 2040. The allocation of needed units by income brackets below AMI are calculated in Table 3-7. 2 “Boulevard” Apartments, constructed in 2019, includes 4-units at or below 30% AMI, and 56- units at or below 60% AMI. Table 3-7: Housing Allocation by Income Required Units at or below 30% of AMI 27 31% to 50% of AMI 11 51% to 80% of AMI 212 Total Units 59 AMI = Area Median Income Reinvestment Many apartment buildings in Mounds View were built in the 1960’s and 1970’s without indoor parking, elevators, or other modern amenities, and are naturally occurring affordable housing, with rents $0.90 - $1.10 per sq ft for a two-bedroom unit ($900 - $1,300 per month), as of 2018. In 2018, BBH Management purchased the 48-unit Ridgewood Apartments. As leases expire, BBH has remodeled each unit, floor to ceiling, investing about $10,000 per unit, with a goal of rents of about $1 per square foot (garage extra). Reinvestment in multi-family housing is critical to maintain these older buildings and stabilize neighborhoods. 0 25000 50000 75000 100000 125000 150000 175000 200000 225000 250000 275000 Mounds View Median Home Value Suburban Ramsey County Median Home Value