2005_1121_Packet - Laserfiche WebLink

Home

2.4 Insights on Roseville Housing Needs Assessment and relationship to the Housing Plan I n reviewing Ramsey County tax records for 2002, City staff estimated that v�e,r $43 million is needed to make necessary exterior improvements to the City's single and multi-family housing stock over the next �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 improvements and acquisition were much less. Clearly the type of housing with the highest need is multi-family since the majority of the stock was built prior to 1970. The multi- family housing stock is also the most expensive to address and an area it� 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 6,330 units. Over 85% of 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. I t 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% 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 t o 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% of these homes were constructed prior to 1960. Only 10 of the homes with a taxable market value under $100,000 have been remodeled anc� only 2 of the 10 were remodeied 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. � Ho�siug Plan — 2005 Page 6 Roseville �tA.