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City of Arden Hills - Comprehensive Plan - DRAFT 2007 HOMEOWNERSHIP Household Income Level: Affordable Home Price 80% of area median income $62,800 $206,800 60% of area median income $47,100 $152,000 In January of 2006, the Metropolitan Council released a report entitled "Determining the Affordable Housing Need in the Twin Cities 2011-2020". The report not only forecasts the regional need by 2020 for newly constructed, affordable housing but it allocates each community's share of the regional need. The total need for newly constructed housing in the Twin Cities is estimated to be 51.000 units between 2011 and 2020. Each community's share of the regional need is allocated based on a number of factors. According to the Metropolitan Council ,30.6% ofnew housing units in all cities should be affordable. Allocations are then adjusted by job proximity, the composition of the housing stock and access to transit service. Based on the formula, the Metropolitan Council has allocated a need for 288 affordable housing units to Arden Hills between now and the year 2020. In order to ensure that this need can be met, Arden Hills' has allocated Medium Density Residential, High Densitv Residential. and Mixed Residential on the Future Land Use Mao to accommodate affordable housing. The City would not seek to concentrate affordable housing in any particular area In addition to ensuring that there is sufficient land designated that has the potential to provide affordable housing, the City of Arden Hills is committed to continuing its participation in the Metropolitan Livable Community Program. As a participant, the City of Arden Hills continues to be eligible to compete for grant funding provided by the Livable Communities Act (LCA) to assist with clean-up operations for polluted land for redevelopment, creating development or redevelopment opportunities that demonstrate efficient use of land and infrastructure through connected development patterns, and opportunities to create more affordable housing. DRAFT 43 5/1/2008 Deleted: All cities start with the same base allocation that Delated: their Deleted: future land use plan is required by the Metropolitan Council to allocate sufficient areas of medium and high density residential development to accommodate this future growth. As will be discussed later, the development of the TCAAP property has the potential to meet part of all of this need. Deleted: since XXXX Formatted: Font: (Default) Arial, 10 pt Formatted: Font: (Default) Arial, 10 pt 2007 RENTAL HOUSING Bedroom size: `Monthly gross rent including tenant -paid utilities, affordable at 50% of area median income Efficiency $ 687 1 bedroom $ 736 2 bedrooms $ 883 3 bedrooms $1,020 4 bedrooms $1,138 In January of 2006, the Metropolitan Council released a report entitled "Determining the Affordable Housing Need in the Twin Cities 2011-2020". The report not only forecasts the regional need by 2020 for newly constructed, affordable housing but it allocates each community's share of the regional need. The total need for newly constructed housing in the Twin Cities is estimated to be 51.000 units between 2011 and 2020. Each community's share of the regional need is allocated based on a number of factors. According to the Metropolitan Council ,30.6% ofnew housing units in all cities should be affordable. Allocations are then adjusted by job proximity, the composition of the housing stock and access to transit service. Based on the formula, the Metropolitan Council has allocated a need for 288 affordable housing units to Arden Hills between now and the year 2020. In order to ensure that this need can be met, Arden Hills' has allocated Medium Density Residential, High Densitv Residential. and Mixed Residential on the Future Land Use Mao to accommodate affordable housing. The City would not seek to concentrate affordable housing in any particular area In addition to ensuring that there is sufficient land designated that has the potential to provide affordable housing, the City of Arden Hills is committed to continuing its participation in the Metropolitan Livable Community Program. As a participant, the City of Arden Hills continues to be eligible to compete for grant funding provided by the Livable Communities Act (LCA) to assist with clean-up operations for polluted land for redevelopment, creating development or redevelopment opportunities that demonstrate efficient use of land and infrastructure through connected development patterns, and opportunities to create more affordable housing. DRAFT 43 5/1/2008 Deleted: All cities start with the same base allocation that Delated: their Deleted: future land use plan is required by the Metropolitan Council to allocate sufficient areas of medium and high density residential development to accommodate this future growth. As will be discussed later, the development of the TCAAP property has the potential to meet part of all of this need. Deleted: since XXXX Formatted: Font: (Default) Arial, 10 pt Formatted: Font: (Default) Arial, 10 pt