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through an HRA the Community planning. which would help to maintain the current level of service within Development Department for housing and redevelopment e. It is essential that Roseville maintain a quality apartment stock since the apartments are a key source of Roseville's affordable housing. Current average apartment rents in Roseville are estimated to be $800 a month according to "Apartment Trends" which quarterly surveys 1,260 rental communities metro-wide. The metro average rent is estimated to be $840 per month. Renovation of apartment complexes can be very expensive. The average cost per unit for exterior improvements including windows, doors, decking, roof, siding and parking lot is $15,000 per unit. On a complex with 30 units the cost is in excess of $1.2 million. Making these improvements and keeping the rents at an affordable level is a challenge. With Roseville's aging apartment stock, the need to make these improvements is imminent. Having a funding source to assist in encouraging owners to make these improvements will be essential in the next 5 years. The following is a summary of the apartment stock in Roseville and the potential improvement costs that will need to be made within the next 5 years. . There are 99 apartment complexes in the City of Roseville with 5,900 units. Twenty percent were constructed prior to 1960, 69 percent were constructed between 1960 — 1980 and only 8 percent are newer than 1980. This means that over 85 percent of the apartments in Roseville are over 20 years old. Many of the exterior components of a structure have a useful life of only 20 years or less. These components include roofs, windows, doors and siding. In addition, other exterior improvements have less than a 10 year life span if not maintained properly such as wood trim and decks. . A new apartment complex can be constructed for approximately $60,000 per unit. One of the most recent large apartment complexes built in Roseville in 1989 (Le�ngton Apartments) has a properry tax value of $52,000 per unit. There are over 70 percent of the apartments (2,400 units) with properry tax values less than $30,000 per unit and 23 percent (800 units) at $20,000 per unit or less. . It is estimated that the average cost per unit for exterior improvements in apartment complexes is $15,000. The exterior improvements include window, doors, siding, roof and decking. It can be assumed that complexes over 20-30 years old with a value under $30,000 are in need of these improvements. With 2,400 units over 20-30 years old, it is estimated that $36 million in improvements may be necessary over the next 5 years. f. Provide additional support for association improvements to larger condo and townhome developments. . The City estimates based upon discussions with several association members, that the balance in association funds will not cover major exterior improvements such