12-15-1997 Planning Packet - Laserfiche WebLink

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I MEMORANDUM DATE: TO: 12/2/97 FROM: RE: Chair Lindquist and Planning Commission Membets Ron Moorse. City Administrator Brad Bressler, Planning Assistant Affordable Housing Study of Navarre ATTACHMENTS: A B C Affordable Housing in Navarre Sale Values of Properties in Navarre: 1996 and 1997 Navarre Housing Study Area Map As an addendum to the Navarre Housing Study, the amount of housing that is considered affordable in Navarre was calculated in November, 1997. The Metropolitan Council defines affordable housing as housing that costs $ 120,000 per year or less per dwelling unit This is based on an average family of four spending 30% of their income on housing. The total assessed value of each property was calculated by adding the value of land and buildings for each property that includes a residence according to the Hennepin County tax records. Table 1 is a summary of the fmdings in Attachment A, the spreadsheet examining affordable housing in Navarre. Table 1 Amount of Affordable Housing in Navarre Area I Area II Area III Area IV Total Affordable Properties (<$120,000)43 42 24 74 183 Other Properties (>$120,000)31 27 0 1 61 Total Properties 75 70 24 75 244 Percent Affordable 57%60%100%99%75% The majority of housing within the study area has assessed values that qualify as affordable. In Areas I and II slightly over one half of the housing is affordable. Almost all of the properties in Areas III and IV are affordable. The value of houses along the lake in Areas I and II skew the percentages in these two areas as lakefront property is generally of higher value than other properties. If properties on Shadywood Road and Crystal Bay Road abutting the lake were eliminated from the study, nearly all properties in the study area would be considered affordable. Overall, three quarters of the houses, or 183 units in the study area fall into the affordable category.