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City Council Regular Meeting —10/11/04 DRAFT Minutes - Page 11 1. There is a young family population within rental multi-family housing and when they move to ownership housing, they tend to move out of Roseville. 2. Even though Roseville's home ownership rate (68%) is higher than the national average, it is below the average of the state and metropolitan region. 3. There is an increasing number of older population within multi- family housing due to the affordability and increased tenure. 4. Many of the smaller, more affordable, multi-family complexes do not include school-aged child resources. 5. More than 80% of Roseville apartments have one or two bedrooms, which is not attractive for young families. 6. The majority of the multi-family housing stock in both rental and ownership projects is over 40 years of age, which may require significant renovation. 7. The average value of multi-family apartments is below the Twin Cities' average of $65,000 per unit, and over 30% of the complexes have a value below $50,000/unit. 8. There are approximately 9,0000 Roseville residents who live in some type of multi-family housing and over 70% of them pay rent, which represents a significant and important population of the City. 9. The City's housing goals of maintaining 40% multi-family and 60% detached single-family mix is beginning to change as properties are (re)developed into more multi-family housing. 10. Less than 1.5% (130 acres of the land in Roseville is remaining to be developed for the first time. Of those 130 acres, 35% (45 acres) are planned for multi-family housing. 11. There could be 1,200 new residents added in Roseville, if the 45 acres were developed for multi-family housing. Ms. Bennett then proceeded to more specifically define potential HRA policy statements. Those included: Provide more opportunities for Roseville renters to own homes in Roseville, should thev decide to move from their rental housin�.