11-14-23 HRA Work Session Agenda November 14, 2023 — 6:30 PM
Golden Valley City Hall
Hybrid Meeting
1.2023 Housing Needs Analysis Overview
HRA WORK SESSION AGENDA
Housing and Redevelopment Authority Work Sessions are being conducted in a hybrid format with in-
person and remote options for attending.
Remote Attendance: Members of the public may attend this meeting by streaming via Webex, or by
calling 1-415-655-0001 and entering access code 2633 018 0727 and webinar password
1234. Additional information about attending electronic meetings is available on the City website .
Discussion Item(s)
HRA Work Session meetings have an informal, discussion-style format and are designed for the HRA to
obtain background information, consider policy alternatives, and provide general directions to staff.
No formal actions are taken at these meetings. The public is invited to attend HRA Work Session
meetings and listen to the discussion; public participation is allowed by invitation of the HRA.
City of Golden Valley HRA Work Session November 14, 2023 — 6:30 PM
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EXECUTIVE SUMMARY
Community Development
763-512-2345 / 763-512-2344 (fax)
Golden Valley Housing and Redevelopment Authority Work Session
November 14, 2023
Agenda Item
1. 2023 Housing Needs Analysis Overview
Prepared By
Cherie Shoquist, Housing and Economic Development Manager
Summary
The Comprehensive Housing Needs Analysis 2023 (www.goldenvalleymn.gov/612/Housing-Programs-
Resources)
was commissioned in 2022 to be conducted by Maxfield Research and Consulting, LLC. This is an
update to the 2017 Housing Needs Analysis completed by Maxfield Research and Consulting, LLC and
included in the housing section of the 2040 Comprehensive Plan.
The 2023 study projects housing demand from 2023 through 2035 and provides recommendations on
the amount and type of housing that could be built in Golden Valley to satisfy demand from current
and future residents over the next decade. The study identifies the potential demand for over 2,600
new housing units through 2035 divided between general-occupancy housing (53%) and age-restricted
senior housing (46%). Below is a breakdown of those housing units:
Projected General Occupancy Housing Demand 2023-2035 :
1,394 New Units
552 For-Sale
141 Single Family
411 Multifamily
842 Rental
278 Market Rate
336 Affordable
228 Subsidized
Projected Senior Housing Demand 2023-2025 :
1,218 New Units
951 Active Adult
0 Deep Subsidy
127 Shallow Subsidy
187 Owner
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300 Rental
267 Service Enhanced
81 Independent Living
81 Assisted Living
105 Memory Care
The Executive Summary finds that:
"Overall, the housing market in Golden Valley has been strong during and through the COVID-19
pandemic for all housing sectors. Golden Valley continues to be a highly active new construction rental
housing submarket in The Twin Cities and several more projects are under construction and approved.
Despite new supply, the rental housing vacancy rate is 3.6% and below market equilibrium. Golden
Valley has also been a high-demand for-sale market through the pandemic as buyers desired an inner-
ring suburb location. Median sales prices are up nearly 20% from early 2020. However, the recent
uptick of mortgage rates led by the Federal Reserve’s fight on inflation has moderated appreciation
and sales velocity is down. Most senior housing property occupancies have recovered from the
pandemic while senior housing is poised for strong growth this decade due to the aging of the
population."
Challenges and Opportunities
The following were identified as the greatest challenges and opportunities for developing the
recommended housing types:
Accessory Dwelling Units
Affordable Housing/Naturally Occurring Affordable Housing
Age of Existing Housing Stock
Aging Population
Construction & Development Costs
COVID-19 Impacts
Local Housing Programs
Inflation
Job Growth/Employment
Land Supply (Lack of)
Lifestyle Renters
Modular Housing
Mortgage Rates
Short-Term Stay Housing
Single-Family Rental Housing Demand
Financial or Budget Considerations
Not applicable
Legal Considerations
Not applicable
Equity Considerations
The Comprehensive Housing Needs Analysis is a critical element of the Comprehensive Plan and serves
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as a gauge of where we need to be in our development to meet the needs of our growing community.
This report will assist with the City’s goals to preserve and promote economically diverse housing
options in our community. In response, we will need to create responsive, economical, and equitable
systems to address any and all growth disparities or barriers, such as the high cost of development,
labor shortages, permit review timeframes, and other regulatory barriers that may exist. We need to
be proactive in our meeting the housing needs of our community that meet a variety of income levels,
ages, and sizes.
Recommended Action
Presentation and brief discussion
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