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MARKET UPDATE: AFFORDABLE RENTAL HOUSING IN THE TWIN CITIES | 12 <br />Source: Dougherty Mortgage LLC <br />SUPPLY AND DEMAND SUMMARY <br /> Submarket <br />2010 – 2018 Rank 1-7 <br />New Affordable Rental Units Delivered 1 616 (7th) <br />Estimated Household Growth 2 17,600 (5th) <br />Affordable Rental Housing Penetration Rate 3.5% (6th) <br />Full Decade <br />Affordable Rental Units Needed 3 5,288 (4th) <br />Progress Toward Decade Production Goal 11.6% (6th) <br />Remaining Affordable Rental Units Needed 4,672 (4th) <br />Spring Lake Park 194 <br />Forest Lake 142 <br />Oakdale 101 <br />White Bear Lake 95 <br />Mahtomedi 79 <br />Hugo 5 <br />Total 616 <br />2017 AND 2018 PROJECT OPENINGS: <br />St. Andrew’s Family Shelter | 5 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: New Life Church (St. Andrew’s Family Shelter), after55.com (The Legends of Spring Lake Park) <br />PRODUCTION BY CITY: <br />KEY PRODUCTION DETAILS: <br />• Only 167 new units built for general-occupancy/families. <br />• Fewer than 10 units built for targeted populations among <br />41 southeast cities. <br />• Relatively strong senior housing production (444 units); <br />3rd highest. <br />NOTABLE PRODUCTION SHORTFALLS: <br />• Units for targeted populations needed throughout the <br />northeast region. <br />• General-occupancy/family units are badly needed all <br />across the northeast. <br />• Closer-in suburbs such as New Brighton, Arden Hills, Fridley <br />and Vadnais Heights have had no new units this decade. <br /> 2010 2011 2012 2013 2014 2015 2016 2017 2018 <br />500 <br />400 <br />300 <br />200 <br />100 <br />– <br />Age Restricted (Senior) Targeted Populations G-O/Family <br />Annual Need: <br />529 Units <br />NORTHEAST SUBURBS <br />NEW AFFORDABLE UNITS DELIVERED 2010–2018 <br />The Legends of Spring Lake Park <br />194 units <br />2010–2018 AFFORDABLE RENTAL PRODUCTION–NORTHEAST SUBURBS