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2.4 Insighfis on Roseville Housing Needs Assessment and relationship to the Housing Plan In reviewing Ramsey County tax retards for 2002, City staff estimated that over $43 million is needed to make necessary exterior improvements to the City's single and multi family housing stock over the next 5 -10 years. This is not unlike the 1996 study "Older Hauling in the Twin Cities Metropolitan Area" which identified the City as needing over $27 million in improvements when prices for improvements and acquisition were much less. Clearly the type of housing with the highest need' is multi family since the majority of the stack was built prior to 1970. The multi family housing stock is also the most expensive to address and an area in which the City has not been an active player. The following summarizes these findings: • The City has a total of 98 apartment complexes with a total of b,334 units. Over 85% of the complexes were constructed prior to 19$0 and over 44% of those or 2,400 units have a tax assessed value per unit under $30,000. It is conservatively estimated that the average cost per unit for exterior improvements (window, roof, siding, doors) is $15,004. Based upon this estimate, it could cost over $36 million to make the exterior improvements on these units with tax assessed values less than $30,000 per unit. • There are approximately 1,650 town home and condominium units in the City. 44% of these units are over 30 years old and many of these units have had some level of remodeling. However, over 28% of these units over 30 years old (12 percent of the total) have not been improved since 1980. These town home complexes will need to make improvements to maintain their value over the next 5 -10 years. There are 192 single family units under $f00,000 in tax assessed value. 90% of these homes were constructed prior to 1960. Only 10 of the homes with a tax assessed value under $100,000 have been remodeled and only 2 of the 10 were remodeled in the last 10 years. At an average $40,000 cost for exterior improvements (roof, windows, siding) there could be a need for over $7 million in improvements to maintain the single family housing stock. Horsing Plan — 2004 Page 7 Roseville HRH.