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REQUEST FOR ECONOMIC DEVELOPMENTAUTHORITY ACTION <br />Date:5/25/2016 <br />Item No.:6d. <br />Department ApprovalExecutive DirectorApproval <br />Item Description: Review Move-up Housing <br />Policy Priority: <br />Housing and Economic Development <br />1 <br />Strategic Initiative: <br />Create Move-up Housing Opportunities <br />2 <br />B <br />ACKGROUND <br />3 <br />The 2016City of Roseville Priority Planincluded an initiativetocreate move-up housing <br />4 <br />opportunities. Homesc- <br />5 <br />determined to be valued at $350,000or more.Staff has inventoried the number of homes built in the <br />6 <br />past 5 yearssince 2011,and there has been78new homes constructed from either developersor <br />7 <br />owners thathave demolished the existing home to build a new one. The sale pricesranged from <br />8 <br />$319,500to$1,111,000, with a median value between $457,033 and $666,308. <br />9 <br />bĻǞ IƚƒĻ <br />—ĻğƩ /ƚƓƭƷƩǒĭƷźƚƓ aĻķźğƓ aźƓ ağǣ <br />ЋЉЊЊ Б υЎЌЊͲЏЊЍ υЍЍЉͲВЎЋ υЏВВͲЎЉЉ <br />ЋЉЊЋ ЋА υЍВВͲАЏЎ υЌВЌͲЍЋБ υЎБЊͲЍЉЉ <br />ЋЉЊЌ ЊЋ υЎБЏͲАЉЉ υЌЍАͲЉЉЉ υБВВͲЉЉЉ <br />ЋЉЊЍ ЊЋ υЏЏЏͲЌЉБ υЌЊВͲЎЉЉ υЊͲЊЊЊͲЉЉЉ <br />ЋЉЊЎ ЊЎ υЍЎАͲЉЌЌ υЌВЉͲЉЉЉ υАБЎͲЉЉЉ <br />ЋЉЊЏ Ѝ υЎЎЉͲЉЉЉ υЍЎЏͲЌЎЏ υЏЏЎͲЉЉЉ <br />In reviewing the current proposed developments and existing real estate listings,we see that another <br />10 <br />44 homes will likely be built during the remainder of 2016 through the end of 2017.Theproposed <br />11 <br />sales prices of these homes with the land are between$390,000 to $825,000. <br />12 <br />Attachment A provides more information related to price points for house sales inthe last 5 years. <br />13 <br />PO <br />OLICY BJECTIVE <br />14 <br />The Policy Priority desired outcome was to have 20+ new homes values built at $350,000 or higher. <br />15 <br />BI <br />UDGET MPLICATIONS <br />16 <br />The staff report serves as a guide for discussion only. <br />17 <br />18 <br />Page 1of 2 <br /> <br />