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MARKET UPDATE: AFFORDABLE RENTAL HOUSING IN THE TWIN CITIES | 6 <br />2010 – 2018 AFFORDABLE RENTAL PRODUCTION – MINNEAPOLIS <br />Source: Dougherty Mortgage LLC <br />SUPPLY AND DEMAND SUMMARY <br /> Submarket <br />2010 – 2018 Rank 1-7 <br />New Affordable Rental Units Delivered 1 2,649 (1st) <br />Estimated Household Growth 2 18,234 (4th) <br />Affordable Rental Housing Penetration Rate 14.5% (1st) <br />Full Decade <br />Affordable Rental Units Needed 3 3,379 (5th) <br />Progress Toward Decade Production Goal 78.4% (1st) <br />Remaining Affordable Rental Units Needed 730 (6th) <br />Downtown Neighborhoods: 888 <br /> St. Anthony/East Bank 342 <br /> Gateway/Mill Districts 251 <br /> North Loop 178 <br /> Elliot Park 61 <br /> Skyway Core 55 <br /> Loring Park 1 <br />Phillips 433 <br />Near North 365 <br />Longfellow 322 <br />Uptown Core 208 <br />University Neighborhoods 131 <br />Northeast 101 <br />Powderhorn 87 <br />Southwest 72 <br />Nokomis 42 <br />Total 2,649 <br />2017 AND 2018 PROJECT OPENINGS: <br />EcoVillage Apartments | 75 units New Vision | 20 units <br />Downtown View | 46 units <br />Millwork Lofts | 78 units <br />Marshall Flats | 36 units <br />1) Dougherty Mortgage Multifamily Database; nine years of data. <br />2) Metropolitan Council: Thrive MSP 2040 Forecasts, January 2018; 2010-2020 growth averaged over nine years. <br />3) Metropolitan Council: 2011-2020 Allocation of Affordable Housing Need (10/4/17). Affordable rental (<60% AMI) need is calculated at <br />80% of the total need estimate for the Twin Cities, translating to 42,056 new affordable rental units needed in the current decade. <br />Image credits: CBS (Downtown View), Indian Neighborhood Club (New Vision). <br />PRODUCTION BY NEIGHBORHOOD: <br />KEY PRODUCTION DETAILS: <br />• Highest producer by far (549 units) for targeted populations; <br />57% of the Twin Cities total. <br />• Broadest mix of populations served among all TC’s submarkets. <br />• 45% of new units (1,182) are within 1/4 mile of a rail transit station. <br />NOTABLE PRODUCTION SHORTFALLS: <br />Senior units, especially in the Northeast, Camden, Calhoun/Isle <br />and Southwest communities. <br /> 2010 2011 2012 2013 2014 2015 2016 2017 2018 <br />600 <br />500 <br />400 <br />300 <br />200 <br />100 <br />– <br />Age Restricted (Senior) Targeted Populations G-O/Family <br />Annual Need: <br />338 Units <br />MINNEAPOLIS <br />NEW AFFORDABLE UNITS DELIVERED 2010–2018