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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 1 651 (6th) <br />Estimated Household Growth 2 26,163 (1st) <br />Affordable Rental Housing Penetration Rate 2.5% (7th) <br />Full Decade <br />Affordable Rental Units Needed 3 11,987 (1st) <br />Progress Toward Decade Production Goal 5.4% (7th) <br />Remaining Affordable Rental Units Needed 11,336 (1st) <br />Prior Lake 238 <br />Chaska 130 <br />Minnetonka 93 <br />Carver 68 <br />Savage 66 <br />Hopkins 51 <br />Wayzata 6 <br />Total 651 <br />2017 AND 2018 PROJECT OPENINGS: <br />Oxford Village | 51 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 80% <br />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: Apartmentfinder.com (The Grainwood and Creek’s Run Phase II), hometownsource.com (Oxford Village), Apartments.com (Pike Lake Marsh) <br />PRODUCTION BY CITY: <br />KEY PRODUCTION DETAILS: <br />• Second-lowest affordable production of all submarkets; <br />highest in household growth. <br />• No production of units for targeted populations among <br />59 southwest communities. <br />• Second-lowest production total (224 units) for affordable <br />senior housing. <br />NOTABLE PRODUCTION SHORTFALLS: <br />• Units for targeted populations needed throughout the <br />southwest region. <br />• General-occupancy/family and senior units are in high <br />demand across the southwest. <br />• Cities with large employment bases have lacked production, <br />e.g., Eden Prairie, Bloomington. <br /> 2010 2011 2012 2013 2014 2015 2016 2017 2018 <br />1,200 <br />1,000 <br />800 <br />600 <br />400 <br />200 <br />– <br />Age Restricted (Senior) Targeted Populations G-O/Family <br />Annual Need: <br />1,199 Units <br />SOUTHWEST SUBURBS <br />NEW AFFORDABLE UNITS DELIVERED 2010–2018 <br />11 |MARKET UPDATE: AFFORDABLE RENTAL HOUSING IN THE TWIN CITIES <br />The Grainwood | 170 units Creek’s Run THs-Phase II | 36 units <br />Pike Lake Marsh | 68 units <br />2010–2018 AFFORDABLE RENTAL PRODUCTION–SOUTHWEST SUBURBS