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• generates property taxes in excess c� $5.6 million (10%cf total). 2.4 Insights on Roseville Housing Needs Assessment and relationship to the Housing Plan In reviewing Ramscy County tax records 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 Housing in the Twin Cities Metropolitan Area" which identified the City as needing over $27 million in improvements when prices for improvementsand acquisition were much less. Clearly the type c� housing with the highest need is multi-family since the majority c� the stock 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 �Iaye��. The following summarizes these findings: . The City has a total of 98 apartment complexes with a total c� 6,330 units. Over 85%c� the complexes were constructed prior to 1980 and over 44% of those or 2,400 units have a taxable market value per unit under $30,000. It is conservatively estimated that the average cost per unit for exterior improvements (window, roof, siding, doors) is $15,000. Based upon this estimate, it could cost over $36 million to make the exterior improvements on these units with taxable market values less than $30,000 per unit. . There are approximately 1,650 town home and condominium units in the City. 44% cf these units are over 30 years old and many cf these units have had some level c� remodeling. However, over 28% c� these units over 30 years old (12 percent c� 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 $100,000 in taxable market value. 90%c� these homes were constructed prior to 1960. Only 10 c� the homes with a taxable market value under $100,000 have been remodeled and only 2 c� 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. �osevi�le ComprehensivePlan- 2003 Update Page 6 of 6