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MARKET UPDATE: AFFORDABLE RENTAL HOUSING IN THE TWIN CITIES | 8 <br />2010–2018 AFFORDABLE RENTAL PRODUCTION–FIRST-RING SUBURBS <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 1,395 (3rd) <br />Estimated Household Growth 2 12,165 (7th) <br />Affordable Rental Housing Penetration Rate 11.5% (2nd) <br />Full Decade <br />Affordable Rental Units Needed 3 3,078 (6th) <br />Progress Toward Decade Production Goal 45.3% (3rd) <br />Remaining Affordable Rental Units Needed 1,683 (5th) <br />2017 AND 2018 PROJECT OPENINGS: <br />4800 Excelsior | 164 units (18 aff.) <br />66 West Apartments | 39 units <br />Richard A. Brustad Homes <br />100 units <br />Red Rock Square | 42 units <br />1) Dougherty Mortgage Multifamily Database; nine years of data. <br />2) Metropolitan Council: Thrive MSP 2040 Forecasts, January 2018; <br />2010-2020 growth averaged over nine years. <br />3) Metropolitan Council: 2011-2020 Allocation of Affordable Housing Need <br />(10/4/17). Affordable rental (<60% AMI) need is calculated at 80% of the <br />total need estimate for the Twin Cities, translating to 42,056 new affordable <br />rental units needed in the current decade. <br />PRODUCTION BY CITY: <br />KEY PRODUCTION DETAILS: <br />• 64% of units (684) were built in the west metro; 36% (390) <br />in the east metro. <br />• 912 new senior units leads all submarkets by far. <br />• One in six units (224) are within 1/4 mile of an existing or <br />planned LRT line. <br />NOTABLE PRODUCTION SHORTFALLS: <br />• Units for targeted populations are rare in first-ring suburbs <br />in the eastern metro. <br />• General-occupancy/family units are badly needed in all <br />first-ring cities. <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 />308 Units <br />FIRST-RING SUBURBS <br />NEW AFFORDABLE UNITS DELIVERED 2010–2018 <br />The Shoreham on France <br />148 units (30 aff.) <br />Central Park West Phase I <br />199 units (6 aff.) <br />The Sanctuary at Brooklyn Center <br />164 units <br />Columbia Heights 191 <br />St. Anthony 169 <br />West St. Paul 164 <br />Brooklyn Center 164 <br />Fort Snelling Territory 158 <br />Crystal 130 <br />Maplewood 80 <br />St. Louis Park 54 <br />South St. Paul 54 <br />Roseville 50 <br />Golden Valley 45 <br />Newport 42 <br />Edina 39 <br />Robbinsdale 36 <br />Richfield 19 <br />Total 1,395 <br />The Legends of Columbia Heights <br />191 units