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City of Mounds View 1 2040 Comprehensive Plan MO S VIEW Mounds View includes some small homes on large lots built prior to World War II. As homeowners move or pass away, developers have purchased, demolished, and subdivided the properties for new construction, typically priced between $325,000 and $425,000. The City will continue to encourage such redevelopment, which is necessary to provide options, and to remain competitive with surrounding communities within the School District. Mounds View is home to three manufactured home parks consisting of 561 homes on a combined 80 acres.These properties are particularly desirable for redevelopment due to their size, proximity to freeways, service, manufacturing and high-tech jobs, and are walkable distances to parks and schools. These manufactured home parks are privately owned and maintained. The City intends to work with the owners and the Metropolitan Council to monitor private Boulevard infrastructure for structural stability including water inflow and infiltration. Should one or more of these parks be redeveloped, the City supports Affordable Housing costs about the same preserving the same number of affordable housing units in its place, or within to construct as market-rate housing. the same school attendance boundary. New affordable housing is affordable because of subsidies provided to the DEVELOPMENT OF NEW AFFORDABLE HOUSING developer/owner,allowing them to reduce rent. For example,the Boulevard Apartments(2019)costs$232,000 per The City has preference for new market-rate housing in order to provide a unit to build,and will charge rents within range of housing options.When warranted,the City will support new affordable 60%of the Average Monthly Income housing projects on a case-by-case basis, preferably mixed with market rate (AMI)within Ramsey County. Four ADA housing. It has been the City's experience that mixed affordable/market-rate accessible units will have rents within developments are difficult to attract to Mounds View because of smaller land 30%AMI. parcels available for redevelopment, meaning smaller projects are more likely to be developed as all affordable, or all market-rate units with no mixture. The project received funding from multiple sources, including;the The City will continue to work with its partners to better understand the City's Minnesota Housing Finance Agency(IRS Tax Credits),Metropolitan Council place in supporting affordable housing within the larger metro area. Mounds (Livable Communities Grant), Ramsey View is an attractive location because of the school district, proximity to County(discounted land sale),and the freeways, and jobs. Redevelopment is likely to occur along the Mounds View City of Mounds View(Tax Increment Boulevard corridor. Many of those parcels are guided for mixed use and higher Financing). It is these subsidies that density housing, to better support a mix of housing, including affordable units. made the project financially feasible,and See Chapter 1:Land Use. would not have been built but for this assistance. The city's location is hindered by the availability and cost of land3, limited mass transit access, and public opposition to affordable housing due to the large amount that already exists in the City. Part of this is public perception of"what kind of people" live in affordable housing. The City will continue its efforts of making Mounds View an inclusive and welcoming community. 3 The Minnesota Housing Finance Agency(MHFA)provides competitive tax credits to qualifying affordable housing projects based on a Qualified Allocation Plan,taking into account proximity to jobs,transit,high performing school districts,economic and racial integration.More points tend to be awarded to those areas of higher incomes and less integration, presenting a challenge for Mounds View which is stable and affordable, not attracting regional attention for reinvestment,and supporting vacancy along Mounds View Boulevard. Chapter 3: Housing 1 3-8