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Source: Dougherty Mortgage LLC <br />SUPPLY AND DEMAND SUMMARY <br /> Submarket <br />2010 – 2018 Rank 1-7 <br />New Affordable Rental Units Delivered 1 1,157 (4th) <br />Estimated Household Growth 2 21,094 (2nd) <br />Affordable Rental Housing Penetration Rate 5.5% (4th) <br />Full Decade <br />Affordable Rental Units Needed 3 9,138 (2nd) <br />Progress Toward Decade Production Goal 12.7% (5th) <br />Remaining Affordable Rental Units Needed 7,981 (2nd) <br />Apple Valley 268 <br />Cottage Grove 184 <br />Lakeville 182 <br />Eagan 124 <br />Inver Grove Heights 90 <br />Farmington 87 <br />Burnsville 80 <br />Rosemount 60 <br />Woodbury 45 <br />Hastings 37 <br />Total 1,157 <br />2017 AND 2018 PROJECT OPENINGS: <br />Argonne Hills Senior Housing <br />62 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: Apartments.com (The Legends of Apple Valley and The Legends of Cottage Grove), Stonebridge Construction (Argonne Hills) <br />PRODUCTION BY CITY: <br />KEY PRODUCTION DETAILS: <br />• Second highest producing submarket for senior units (731); <br />24% of new affordable senior units in the Twin Cities. <br />• No production of units for targeted populations among <br />39 southeast cities. <br />• General-occupancy/family units average only 39 units <br />in size. <br />NOTABLE PRODUCTION SHORTFALLS: <br />• Units for targeted populations needed throughout the <br />southeast region. <br />• General-occupancy/family units are in high demand <br />across the southeast region. <br /> 2010 2011 2012 2013 2014 2015 2016 2017 2018 <br />900 <br />800 <br />700 <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 />914 Units <br />SOUTHEAST SUBURBS <br />NEW AFFORDABLE UNITS DELIVERED 2010–2018 <br />9 |MARKET UPDATE: AFFORDABLE RENTAL HOUSING IN THE TWIN CITIES <br />The Legends of Apple Valley <br />163 units <br />The Legends of Cottage Grove <br />184 units <br />2010–2018 AFFORDABLE RENTAL PRODUCTION–SOUTHEAST SUBURBS