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Item 05A <br />Page 4 of 5 <br /> <br />The Mounds View Vision <br />A Thriving Desirable Community <br /> <br /> <br />Screening & Buffering TBD <br /> <br />Utility Service Existing <br /> <br />Surface Water Drainage TBD. Storm water ponding is likely to occur in underground <br />chambers, or north of the driveway. If north, then this would <br />detract from potential need for Usable Open Space. <br /> <br />Trail Existing. A right-hand turn lane will require the trail location to be <br />adjusted. <br /> <br />Lighting/Glare TBD <br /> <br />Signage TBD <br /> <br />Park Dedication Fee $3,500 X 120 units = $420,000. <br /> <br />Construction Timetable TBD. Construction is dependent upon obtaining tax credits <br />through the Minnesota Housing Finance Agency (Oct 2021), and <br />bonding through Minnesota Management & Budget (Jan 2022). <br />Best case scenario is that construction will begin summer 2022. <br /> <br />Affordable Housing 6 The Metropolitan Council assigns an “allocation of affordable <br />housing need” for each community, based on; forecasted growth, <br />existing affordable housing stock, and ratio of low-wage jobs to <br />low-wage earning residents. <br /> <br />2021-2030 Need <30% <br />AMI <br />31% - <br />50% AMI <br />51% - <br />80% AMI <br />TOTAL <br />Mounds View 27 11 21 59 <br />Skyline 0 120 0 120 <br />Total Need (after Skyline) 27 0 21 48 <br /> <br />To qualify for subsidies through the Minnesota Housing Finance <br />Agency, the following rent and income limits apply: <br /> <br />Max Rent per Unit <30% <br />AMI <br />31% - <br />50% AMI <br />51% - <br />80% AMI <br />MV <br />Median 7 <br />1 Bedroom $590 $984 $1,575 <br />$928 2 Bedrooms $708 $1,181 $1,890 <br />3 Bedrooms $818 $1,363 $2,182 <br /> <br />It should be noted that the median rent in Mounds View ($928) is <br />less than rent limits for Skyline. <br /> <br /> <br />Income Limit per <br />Household Size <br />1 2 3 4 5 6 7 8 <br /><30% AMI $22,050 $25,200 $28,350 $31,470 $33,990 $36,510 $39,030 $41,550 <br />31% - 50% AMI $36,750 $42,000 $47,250 $52,450 $56,650 $60,850 $65,050 $69,250 <br /> <br /> <br />6 Metropolitan Council, 2021-2030 Allocation of Affordable Housing Need (accessed July 16, 2021) <br />7 US Census Bureau, American Community Survey (Median Gross Rent, 2015-2019)