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<br /> Twin Lakes West Plan Review - Page 3 of 3 <br /> <br />3.0 HRA Discussion: <br /> <br />3.1 Senior Linkage Program - The PUD will include the “Senior to Family Housing <br />Linkage Requirement” which is described as follows and provided in the attached policy <br />summary. Because of the City and HRA programs to encourage choice and opportunity <br />in housing, the developers of the project must prepare a marketing plan that promotes <br />their senior housing projects to Roseville residents exclusively for at least 60 days prior <br />to marketing to the broader community. The developer must also agree to participate in <br />the Senior Housing Regeneration Program (SHRP) administered by the Greater <br />Metropolitan Housing Corporation (GMHC) wh ich provides a link between single family <br />homes being vacated by seniors and purchased by first time buyers. The developer must <br />promote the SHRP as part of the project sales program and include information regarding <br />the program to each potential purchaser in the project. This relationship provides an <br />intergenerational mix instrumental to achieve stronger neighborhood balance. <br /> <br />3.2 Affordability - Per the development agreement 10% of the homes must be sold an <br />affordable level to families at or below 115% of the area median incomes. With a total of <br />640 units this would require that 64 units be sold under the criteria. Questions arise <br />regarding what the sale limit should be as part of this requirement. The following are <br />area sales limits for various programs: <br /> <br /> <br />a. MHFA Mortgage Assistance Programs – New Home Sales Limit $298,125 (80% <br />of median income) <br />b. Metropolitan Council Affordable Price Limit - $201,800 (80% of median income) <br />c. Ramsey County Price Limit - $185,000 (80% of median income) <br />d. RHRA Appplewood Pointe - $215,000 in 2004 (120% of median income) – with <br />a typical area housing market inflation of 8%, the limit could be raise to <br />approximately $270,000 for 2007. <br /> <br />3.3 The HRA should provide comment and direction regarding the following: <br />a. Does the mix of housing types meet the needs of the community? <br />b. Are there any modifications that should be recommended to the Senior Linkage <br />Policy for this project? <br />c. What is the affordable housing sales limit the developers should achieve for 10% <br />of the units per their development agreement requirements? <br /> <br /> <br /> <br /> <br /> <br />Prepared by: Cathy Bennett, 792-7015 <br />Attachments: Site Plan, Senior Linkage Program, Income limit chart.