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1C- Comp Plan
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5/15/2008 2:48:21 PM
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Comp Plan
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5/19/2008
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<br />City of Arden Hills - Comprehensive Plan - DRAFT <br /> <br />rental housing comprises .15% of the total housing in Arden Hills, which includes <br />one traditional apartment building in Arden Hills with 37 units. The other rental <br />units in apartment style buildings are oriented toward the senior population. <br />According to the 2000 Census, less than 2 percent of the single-family homes in <br />the community were renter occupied. <br /> <br />Arden Hills promotes housing diversity through its long-term goals, policies, and <br />strategies. The market is also expected to exert pressure on the City for more <br />housing diversity. As was noted earlier, factors such as an aging population, a <br />population that has more non-family households, and increased numbers of <br />householders living alone is expected to drive demand for more attached, multi- <br />family housing. Muiti-family units expected to be in demand are likely to be <br />oriented toward both owners and renters. <br /> <br />7.4.2 Housing Affordabilily <br /> <br />Affordable housing is an issue in every Twin Cities area community. With housing <br />costs outpacing many wages, it is becoming increasingly important to focus on <br />affordable housing,. Because of the disparity of housing costs and wages <br />throughout the Twin Cities, affordable housing continues to be a major initiative of <br />the Metropolitan Council. <br /> <br />According to the Metropolitan Council, housing is considered affordable if it is <br />priced at or below 30% of the gross income of a household earning 60% of the <br />Twin Cities median family income. In 2007, the area median income for the seven- <br />county Minneapolis-St. Paul area adjusted by the Department of Housing and <br />Urban Development for a family of four was $78,500. At the present time, housing <br />is considered affordable if annual housing costs for a family of four.do not excee<:l, <br />30% of $47,100. which translates to $14.130 per year or $1.177.50 per month for <br />housinq. While the purchasinq power of $1.177.50 per month depends on Interest <br />rates and other related factors. it could be sufficient to purchase home that is priced <br />in the ranqe of $150.000_ <br /> <br />To implement the Livable Communities Act in 2007, the Metropolitan Council uses <br />as the upper limit of affordability for ownership purchase price and monthly rents, <br />the following dollar amounts: <br /> <br />2007 HOMEOWNERsHIP <br />Household Income Level: Affordable Home Price <br />80% of area median income ($62,800) $206,800 <br />60% of area median income ($47,100) $152,000 <br /> <br />DRAFT <br />5/15/2008 <br /> <br /> <br /> <br />Deleted: in order to meet the needs <br />of essential community members <br />including teachers, police officers, <br />and retail workers <br /> <br />{i)~I~t~d;n~~- ..-.. ...." . - ----- <br />(E~I;~;~~::~~~~__ ......... ...________ <br /> <br />l Deleted: - <br /> <br />43 <br />
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