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2010 – 2018 AFFORDABLE RENTAL PRODUCTION – ST. PAUL <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 1,399 (2nd) <br />Estimated Household Growth 2 12,329 (6th) <br />Affordable Rental Housing Penetration Rate 11.3% (3rd) <br />Full Decade <br />Affordable Rental Units Needed 3 2,100 (7th) <br />Progress Toward Decade Production Goal 66.6% (2nd) <br />Remaining Affordable Rental Units Needed 701 (7th) <br />Downtown Neighborhoods: 351 <br /> Western CBD 281 <br /> Lowertown/North Quadrant 70 <br />St. Anthony/Midway 298 <br />West 7th/Summit Hill 260 <br />Dayton’s Bluff/Battle Creek 226 <br />Summit University/Thomas-Dale Frogtown 144 <br />West Side Neighborhood 76 <br />Mac-Groveland/Highland 44 <br />Total 1,399 <br />2017 AND 2018 PROJECT OPENINGS: <br />BROWNstone | 35 units Villa Del Sol | 40 units <br />Pioneer Apartments | 144 units Wilson Ridge II | 113 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 <br />at 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: Neighborhood Development Alliance (Villa Del Sol), Lupe Development Partners (Wilson Ridge II) <br />Image credits – page 8: DJR Architecture (The Shoreham), Abodo (Central Park West), Dana Wheelock Photography (Richard A. Brustad Homes), <br />Kaas Wilson Architects (The Sanctuary at Brooklyn Center), Urban Works Architects (66 West), Velair Property Management (Red Rock Square), <br />BKV Group (The Legends of Columbia Heights), Oppidan (4800 Excelsior) <br />PRODUCTION BY NEIGHBORHOOD: <br />KEY PRODUCTION DETAILS: <br />• 2nd highest producer (1,144 units) of general- <br />occupancy/family units. <br />• 44% of units (611) were added in warehouse or historic <br />conversions. <br />• 60% of new units (836) are within 1/4 mile of an LRT or BRT line. <br />NOTABLE PRODUCTION SHORTFALLS: <br />• Units for targeted populations needed all throughout <br />the city. <br />• Senior units, especially in Mac-Groveland, West 7th, <br />Como and Payne/Phalen wards. <br /> 2010 2011 2012 2013 2014 2015 2016 2017 2018 <br />400 <br />350 <br />300 <br />250 <br />200 <br />150 <br />100 <br />50 <br />– <br />Age Restricted (Senior) Targeted Populations G-O/Family <br />Annual Need: <br />210 Units <br />ST. PAUL <br />NEW AFFORDABLE UNITS DELIVERED 2010–2018 <br />7 |MARKET UPDATE: AFFORDABLE RENTAL HOUSING IN THE TWIN CITIES