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Detached Single-Family Homes - Over $115.000 (Move-Up Homes) Recommendation: Maintain the existing move-up housing supply. Modernize and upgrade about 2,461 additional units trom the existing supply of affordable single-family homes to the move-up housing category. The existing supply of move-up homes in - is very small, with only 205 units Gust 4 percent of the single-family housing supply) valued at more than $115,000 in 1995. However, between 1995 and 1997, the Multiple Listing Service report on homes sold in- indicates that more than 10 percent of the single-family homes sold in - were priced above $115,000. This figure represents 53 of the 518 homes sold during this time period. If this rate of increase were to continue on its own between now and the year 2010, many of the move-up housing units needed in - would be achieved without any special effort. The rest of the needed units would have to come about as the result of considerable modernization and upgrading by the homeowners. Public programs providing assistance for housing rehabilitation may be available to provide incentives for some homeowners, but it is anticipated that many homeowners will have to cover the costs themselves, since they will not be in the lower-income groups eligible for most of the state and federal programs. - may wish to use local funds to provide incentives for housing rehabilitation. Or the city may decide to offer technical assistance and encouragement to homeowners, or possibly property tax waivers for increased value added due to rehabilitation. Examples of the types of improvements that increase property values are modernizing kitchens, upgrading or adding bathrooms, family rooms, master suites, garages and landscaping. It is not necessary that the homes increase dramatically in price, but only that they are modernized sufficiently to be attractive to move-up buyers. Because - is a fully-developed community, it is not expected that new subdivisions of move-up homes will be built in the city. However, the construction of move-up homes on infill or cleared lots in existing neighborhoods is certainly not discouraged. Many existing - residents will be seeking move-up housing in the next two decades. If the supply in - is not sufficient to meet their needs, they will have to leave the community for larger homes with more amenities available in other communities. 20