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2011-08-16_packet
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2011-08-16_packet
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12/20/2011 3:01:57 PM
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
8/16/2011
Commission/Committee - Meeting Type
Regular
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Attachment A <br />Roseville Affordable Housing <br />Metropolitan Council Ownership and Rent Affordability Limits 2011 <br />The Council’s definition of “affordable housing” represents the upper limit of monthly <br />rents and home-purchase prices for housing referred to in Framework policy as affordable <br />to low- and moderate-income families. These income limits for determining affordability <br />have been a part of the foundation for goals negotiations and monitoring of goals <br />progress with Livable Communities Act (LCA) participating cities since 1995, and have <br />been the basis for counting all new affordable units in the housing stock, i.e., all new <br />publicly-assisted and market rate units affordable to low-and-moderate income <br />households. <br />For units constructed in 2011 and beyond, the Council is using a consistent income limit <br />of what a family of four with an income at or below 60 percent of area median income <br />(AMI) can afford to pay in monthly housing costs for either rental housing or mortgage <br />costs (including principal, interest, property taxes and homes insurance). <br />Area Median Income for a family of four for 2011 in the Minneapolis-St. Paul <br />Metropolitan Area is $82,700. The median income for 60% of the area median income is <br />$49,600 and the median income for 30% or the area median income is $24,800. This <br />yields an affordable purchase price of $160,250 and $72,800 respectively for 2011. <br />Affordable Rents are defined below for the Minneapolis-St. Paul Metropolitan Area. <br />Ownership in Roseville <br />The Ramsey County Assessors office filed a report dated March 18, 2011 that is available <br />online which provides the following information for values of residential properties in <br />Ramsey County for 2010 is as follows: <br />Roseville has 10,970 residential parcels with a median value of $204,300 and an average <br />value of $209,903. The county breaks out the follow three types of ownership values: <br />Single family <br />1. homes 8,511 parcels with a median value of $214,200 and an <br />average value of $231,055. <br /> <br />
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