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Some structural or maintenance repair work is required for each home after 20 years of use and 85% of the homes in the City are over 20 years of age. • From 1970 to 1979, the City added another 2,726 units or 18% of its current housing. Slightly more than ib% of the housing has been constructed since 1980, 2.3 Multi - Family Housing Stoop Study Summary: The HRA commissioned amulti- family demographic analysis in March, 2003. The study is in partnership with the City's Community Development Department which has contracted with Excensus, a private demography firm. The purpose of the study was to identify: (1) the current quality and quantity of multi-family housing units; (2) the current multi - family demographics; (3) the renter population origin and destination; (4) the relationships among household type, age, size, income, and, (5) the multi- family quality of life for the residents. The following is a summary of some of the key findings. The full report is located in Appendix B. The City currently has over 6,330 multi - family housing units with the prospect of 250 new units to be constructed in each of the next three years. By 2006 the City could have a total of 7,200 tnulti- fami ly housing writs. The City has 98 multi-family housing complexes which are homes to over 8,800 residents. • Over 78% of the heads of household within owner occupied multi- family housing (condominium and townhome) are over 45 years of age. 57% of the heads of household of the owner occupied multi - family housing are over 55 years of age. As the average age of building occupants increases, the new residents tend to be over 55 years of age. In rental multi - family housing, 76% of the Bead of households are 54 gears of age or less and only 3% of the renters are over 55. This younger population is an excellent target market for first time horse buyer programs in the City. Housing Plan — 2004 Page 5 Roseville HRA