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2.4 Insights an Roseville Housing Needs Assessment and relationship to <br />the Housing PIcn <br />Ire reviewing Ramsey County tax records for 2002, City staff estimated that <br />over $43 million is needed to make necessary exterior improvements to the <br />City's single and mufti- family housing stock over the next 5 -10 years. This is <br />not unlike the 1996 study "Older Housing in the Twin Cities Metropolitan <br />Area" which identified the City as needing over $27 million in improvements <br />when prices for improvements and acquisition were much less. Clearly the <br />type of housing with the highest need is multi- family since the majority of <br />the stock was built prior to 1970. The multi - family dousing sock is also the <br />most expensive to address and an area in which the City has not been an <br />active player. The following summarizes these findings: <br />• The City has a total of 98 apartment complexes with n total of 6,330 <br />snits. Over 85% of the complexes were constructed prior to 1980 <br />and over 44% of those or 2,400 snits have a taxable market value per <br />unit under $30,000. It is conservatively estimated that the average <br />cast per unit for exterior improvements (window, roof, siding, doors) <br />is $15,000. Based Upon this estimate, it could cost over $3b million to <br />make the exterior improvements on these units with taxable market <br />values less than $30,000 per snit. <br />• There are approximately 1,650 town name and condominium units in <br />the City. 44% of these units are over 30 years old and many of these <br />units have had some level of remodeling. However, over 2$% of these <br />units over 30 years old (12 percent of the total) have not been <br />improved since 1980. These town home complexes will need to make <br />improvement's to maintain their value over the next 5 -10 years. <br />91 There are 192 single- family units under $100,000 in taxable market <br />value. 90% of these homes were constructed prior to 1960. Only ZO <br />of the homes with a taxable market value under $100,000 have been <br />remodeled and only 2 of the 10 were remodeled in the Iasi 10 years. <br />At an average $40,000 cost for exterior improvements (roof, <br />windows, siding) there could be a need for over $7 million in <br />improvements to maintain the single family housing stock. <br />Housing Flan — 2004 Page 7 Roseville HRA <br />