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MARKET UPDATE: AFFORDABLE RENTAL HOUSING IN THE TWIN CITIES | 10 <br />2010–2018 AFFORDABLE RENTAL PRODUCTION–NORTHWEST 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 1,059 (5th) <br />Estimated Household Growth 2 19,838 (3rd) <br />Affordable Rental Housing Penetration Rate 5.3% (5th) <br />Full Decade <br />Affordable Rental Units Needed 3 7,086 (3rd) <br />Progress Toward Decade Production Goal 14.9% (4th) <br />Remaining Affordable Rental Units Needed 6,027 (3rd) <br />Champlin 256 <br />Coon Rapids 167 <br />Ramsey 151 <br />Maple Grove 146 <br />Anoka 100 <br />Plymouth 82 <br />New Hope 68 <br />Dayton 49 <br />Medina 26 <br />Osseo 14 <br />Total 1,059 <br />2017 AND 2018 PROJECT OPENINGS: <br />The Legends of Champlin <br />184 units <br />Rum River Veterans Cottages <br />100 units <br />Balsam Apartments | 49 units <br />Greenway Terrace | 54 units <br />The Axis | 157 units (16 aff.) <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 />Image credits: Dominium (The Legends of Champlin), Star Tribune (Rum <br />River Cottages), Sand Companies (Balsam Apartments), Rent.com (The Axis), <br />Aeon (Greenway Terrace) <br />PRODUCTION BY CITY: <br />KEY PRODUCTION DETAILS: <br />• Senior housing has been on rise since 2015 with 351 new units. <br />• 62% of northwest suburbs (16/26) have had zero production <br />this decade. <br />• 23% of new units (241) are within 1/4 mile of the Northstar <br />Rail Line. <br />NOTABLE PRODUCTION SHORTFALLS: <br />• New units for targeted populations are virtually non-existent <br />in the northwest suburbs. <br />• Far more general-occupancy/family units are needed than <br />the 75 produced in a typical year. All communities need <br />new units of this type. <br /> 2010 2011 2012 2013 2014 2015 2016 2017 2018 <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 />709 Units <br />NORTHWEST SUBURBS <br />NEW AFFORDABLE UNITS DELIVERED 2010–2018