05-29-18-R - Laserfiche WebLink

Home Browse Search

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