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City of Mounds View 1 2040 Comprehensive Plan MOUNDS VIEW 275000 250000 F:;Oot- 225000 — Table 3-4: Cost-Burdened by Income Households 200000 175000 at or below 30% of AMI 532 10% 150000 125000 31% to 50% of AMI 593 11% 100000 51% to 80% of AMI 144 3% 75000 000 25000 �- 0 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 ti ti ti ti ti ti ti 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 Mounds View Median Home Value each income bracket below AMI are calculated in Table 3-5. suburban Ramsey county Median Home Value 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% r� 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 Reinvestment Although Mounds View is largely built-out, it will need to continue to grow as local and regional demographics evolve.The city will need to accommodate Many apartment buildings in Mounds a rising population including residents of all socioeconomic backgrounds. The View were built in the 1960's and 1970'swithout indoor parking,elevators,or Metropolitan Council requires Mounds View to supply 27 new affordable units other modern amenities,and are by 2040. The allocation of needed units by income brackets below AMI are naturally occurring affordable housing, calculated in Table 3-7. with rents$0.90-$1.10 per sq ft for a two-bedroom unit($900-$1,300 per Table 3-7: Housing Allocation by Income Required Units month),as of 2018. at or below 30% of AMI 27 In 2018,BBH Management purchased 31% to 50% of AMI 11 the 48-unit Ridgewood Apartments. As 51% to 80% of AMI 212 leases expire,BBH has remodeled each Total Units 59 unit,floor to ceiling, investing about AMI-Area Median Income $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 2"Boulevard"Apartments,constructed in 2019,includes 4-units at or below 30%AMI,and 56- and stabilize neighborhoods. units at or below 60%AMI. Chapter 3: Housing 1 3-6