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05-29-18-R
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05-29-18-R
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5/31/2018 2:38:16 PM
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City of Arden Hills – 2040 Comprehensive Plan <br /> <br /> <br />Approved:, 2018 <br />7-10 <br />The average housing value in 2015 was $281,300. Based on 2015 assessed property <br />values from Ramsey County (Figure 7.7) 34.3 percent of the housing was at or below <br />the affordable home price of $238,500 and approximately 12.5 percent was at or below <br />$150,500. <br />The following table illustrates the assessed values of owner-occupied housing units in <br />Arden Hills. Values are differentiated above and below the 80% Area Median Income of <br />$240,000. <br />Table 7.6 – Owner Occupied Housing in Arden Hills by Affordability Bands <br />Housing Values Affordability Band Parcels Percent <br />$1 - $84,500 30% and Below AMI 21 1.0% <br />$84,501 - $150,500 30% - 50% AMI 252 11.5% <br />$150,501 - $238,500 50% - 80% AMI 480 21.8% <br />$238,501 - $409,000 81% - 135% AMI 1051 47.8% <br />$409,001 - $694,000 136% - 200% 312 14.2% <br />$604,001 and Above Greater than 200% AMI 81 3.7% <br />Total Owner Occupied Housing Units 2,197 100% <br /> <br />In December of 2014, the Metropolitan Council released a report entitled “Thrive 2040 <br />Housing Policy Plan” The report not only forecasts the regional need by 2030 for newly <br />constructed, affordable housing but it allocates each community’s share of the regional <br />need. The total need for newly constructed affordable housing in the Twin Cities is <br />estimated to be 37,900 units between 2021 and 2030.Each community’s share of the <br />regional need is allocated based on a number of factors. According to the Metropolitan <br />Council, 33.2 percent of new housing units in all cities should be affordable. Allocations <br />are then adjusted by the balance of low-wage jobs and workers and the and existing <br />affordable housing stock. Based on the formula, the Metropolitan Council has allocated <br />a need for 373 affordable housing units to Arden Hills between now and the year 2030. Draft 04/04/2018
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