HomeMy WebLinkAbout[05] CMHP Grant Application
5
Council Agenda Item
MEETING DATE:
May 15, 2014
AGENDA ITEM:
CMHP Grant Application
SUBMITTED BY:
Administration
BOARD/COMMISSION/COMMITTEE RECOMMENDATION:
PREVIOUS COUNCIL ACTION:
BACKGROUND INFORMATION:
The Central MN Housing Partnership (CMHP) is in the process
of submitting a grant to purchase the Cloverdale Townhomes. The complex serves low to moderate
income families and is in need of upgrading. The grant program is competitive and the application will
score additional points for City participation. The proposed resolution indicates that 75% of the Building
Permit Fees will be waived and the City will also reduce the rental license fee 50% for the first three years
and 25% for two years.
As part of the application, CMHP is working on a Market Study with a very draft placed with the packet.
BUDGET/FISCAL IMPACT:
Approximately $ 800 waived license fees for the first three yrs
Approximately $ 400 waived license fees for the last two yrs.
Building Permit Fees to be determined, based on value of project
ATTACHMENTS:
Request for Council Action
Resolution 2014-019 Supporting Application
Draft Market Study
REQUESTED COUNCIL ACTION:
Authorize the Mayor and Administrator to execute Resolution
2014-019 supporting the tax credit application for the proposed Cloverdale Townhome purchase.
RESOLUTION NO. 2014-019
A RESOLUTION SUPPORTING TAX CREDIT APPLICATION FOR THE
36 UNIT MULTI-FAMILY HOUSING PROJECT
CLOVERDALE TOWNHOMES
WHEREAS, Cloverdale Properties, a limited partnership has proposed to sell their 36 unit
multi-family housing development project known as Cloverdale Townhomes (located at 904,
910, 912, 1002, 1004, 1006 East Baker Street) within the City of ST. JOSEPH and
WHEREAS, the housing proposal was presented to the ST. JOSEPH City Council and
received support of that group; and
WHEREAS, a local market study was completed in May 2014 by Woods Consulting
showing a need for affordable housing.
WHEREAS, the housing proposal meets the needs of the City and is hereby found to be in
short supply; and
WHEREAS, the success of the application is predicated on local support of the proposal; and
WHEREAS, the ST. JOSEPH City Council will show support by reducing the building
permit fee by 75%; and
WHEREAS, the “Cloverdale Townhomes” is located in the SE neighborhood that has been
identified by the City Council to be a priority for the city for community revitalization;
WHEREAS, the ST. JOSEPH City Council will also reduce the annual City rental inspection
fee for the property owner, if the transfer happens, by 50% for three years and 25% for 2
years after the year of the transfer;
NOW THEREFORE, BE IT RESOLVED that the City of ST. JOSEPH, City Council
supports the tax credits application for the preservation of the 36 unit multi-family housing
project known as Cloverdale Townhomes.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ST. JOSEPH ON
THIS DAY OF 2014
BY: ATTEST:
_______________________________ ________________________________
Mayor City Administrator
(Seal)
Section I: Project Description
Central Minnesota Housing Partnership proposes to renovate an existing 36-unit, multi-family
property located in the City of St. Joseph (Stearns County/St. Cloud MSA) known as the
Cloverdale Townhome Apartments. The property is located at 904, 910, 912, 1002, 1004 and
1006 Baker Street East in St. Joseph, MN 56374. The project is configured in six (6) townhome
buildings.
The proposed unit configuration is as follows:
# Units #BR/Bath Income Target Contract Rent Utilities Gross Rent
25 2BR/1Bath 60% AMI $619 $100 $719
1 2BR/1Bath 60% AMI $638 $100 $738
10 3BR/1.5Bath 60% AMI $653 $110 $753
36 2 & 3BR 60% AMI $619-$653 $100-$110 $719-$753
Project will be general occupancy (family and senior households)
Maximum allowable income (5-person HH): $44,820
All eligible tenants will receive project-based Section 8 vouchers
1 – 2BR/1Bath unit will be handicapped accessible
Rent Limits: Stearns County; effective 01/06/2014
Income Target: 2-person HH 3-person HH 4-person HH 5-person HH
60% AMI $33,180 $37,320 $41,460 $44,820
Maximum Allowable Rents: 2BR 3BR
60% AMI $933 $1078
Proposed rents are within the allowable maximum rents for households with 60% AMI
Description of Current Project:
Subject property is located on the south side of Baker Street East in the City of St. Joseph, MN.
St. Joseph in located near the intersections of I-94, Stearns County Road #2, and County Road
75. Project visibility is good from Baker Street East.
St. Joseph is part of the St. Cloud MSA (comprised of Stearns, Sherburne and Benton counties).
St. Joseph is approximately 70 miles from the Twin Cities and 5 miles west of the city of St.
Cloud.
Project specifics:
Project built 1982
Class D wood construction of “average” quality
No renovations to project made to-date
Gross building area: 36,328 s.f.
Land/building ratio: 3.91/1
Townhome-style apartments with cedar shingle and asphalt roof shingles
Detached 2-car garages (each 616 s.f.) and 2-detached 5-car garages (each 1610 s.f.)
Each unit has concrete patio (60 s.f.)
Each unit contains following appliances: refrigerator, range, hood fans
Current rent contract with MnHFA continues until 03/28/2015
Interior layout average quality – carpeting and linoleum flooring, painted drywall walls,
drywall ceilings 8’ high, adequate lighting, gas-fired air heating, no air conditioning
All units are two-story with the exception of the 1 – handicapped accessible unit
Project is served by public electricity, city water, and city sewer.
Neighborhood Description:
City contains a mix of multi-family, single-family, commercial and industrial uses
Area near project site is mix of single-family and multi-family land uses (see photos)
Overview of Current Tenants and Vacancy Rates
Property Manager (Tina Buchner) reports historic vacancy rates of 2% in 2011, 3% in
2012, and 2% in 2013
Property Manager characterizes tenants as “lower income” – 1 (less than $55,300 for 4-
person HH), “very low income (less than $34,550 for 4-oerson HH) – 8” and “extremely
low income (less than $27,500 for 4-person HH) – 25”
33 or 36 current tenants receive Section 8 subsidies; 3 pay market rent
Current tenants moved to Cloverdale from throughout the St. Cloud MSA: St. Cloud,
Waite Park, Cold Spring, Sauk Rapids, Sartell, Foley, Clearwarter, and Clear Lake.
Property Manager expects all current tenants to remain in the project following the
completion of proposed renovations
Sources of Information; Appraisal of subject property prepared by Weber Appraisal Services,
Inc. and phone interview with Property Manager.
Additional Information Required for Rehabilitation Project:
Rents will not be raised/adjusted following completion of the renovation – project is
locked into a Section 8 HAP until 2020
Interior renovations will be completed one building at a time; exterior work will be
completed during warm weather months
Total construction cost estimated at $40,000 - $45,000 per unit by project architect,
Blumentals/Architecture; total project cost forecast to range from $1.44 million to $1.62
million.
Project Architect: Blumentals/Architecture 1600 Marshall St. NE, Suite 1; Minneapolis,
MN 55413; 612-331-2222
Anticipated Start of Construction: March, 2015 Anticipated Completion: December,
2015
Description of Proposed Renovations
Site
New concrete block trash enclosures
New playground equipment
New mailboxes
New light fixtures
Parking lot grind existing pavement and overlay with new
Buildings
New siding
New windows & patio doors
New shingled roofing
New gutters and downspouts
New garage doors
New signage
Units
New interior doors
New flooring
New interior paint
New bathroom accessories
New kitchen appliances
New window blinds
New kitchen and bathroom cabinets & countertops
New plumbing shut-off valves
New water heaters (select units)
New furnaces
Change thru-wall air-conditioning to a central-air system
New efficient plumbing fixtures throughout
New light fixtures
New smoke detectors/Carbon Monoxide detectors
Tenant Relocation Plan (see below)
TEMPORARY RELOCATION PLAN
CLOVERDALE TOWNHOMES
ST. JOSEPH
A community meeting will be held to inform all of the tenants about the upcoming acquisition and
rehabilitation of the Cloverdale Townhomes. The owners and Management Company will be present at
the meetings. The meetings will be held in a handicap accessible community room and time will be
made available at the end of the meeting for questions. All tenants will be informed of the temporary
relocation, but they would all be allowed to move back to their unit after the work has been completed
The property is made up of 36 units. All of these units have Project Based Rental Assistance (section 8).
All of the residents will be hand delivered a General Notice in October / November notifying them that
they are eligible for relocation but that they should not move (the standard Uniform Relocation form
will be used).
Closing is anticipated to take place sometime in March, 2015. The date of the closing will be the
Initiation of Negotiations (ION). Before the closing, tenants will receive a Notice of Non-Displacement
and a Notice of Temporary Relocation. Construction is scheduled to begin in March 2015. At the
community meeting, tenants will be surveyed and indicated if they would like to be moved to a
relative’s home, a comparable unit or moved to another unit within the development. At this time, it is
not the intention or the expectation that any tenant will be displaced due to the rehabilitation.
Management will try and keep existing vacant units vacant to reduce the cost of relocation. There will
be a maximum total of 6 units that will have to temporarily move to another complex (unless we have
some vacant units, then this number will be less). Existing residents at Cloverdale Townhomes will be
relocated within the development. All tenants will receive reasonable notice to vacate the property,
giving them a specific date that they will need to be ready to move. The temporary unit must be decent,
safe, and sanitary and lead free according to Housing Quality Standards (on site or off site). This will be
inspected by a certified HQS inspector and must meet the requirements before the tenant can move
into the unit.
There are six buildings all containing six units. It is anticipated that one building will be completely
vacated so interior renovations can be done to that building. After the interior work has been completed
and an inspection has been conducted, the tenants can move back into those units. The contractor will
then start on the next six unit building. It is anticipated that the first units will take a little longer to
renovate as there will be a learning curve regarding the buildings. After that, the buildings should turn
over a little quicker.
Exterior improvements (including windows) can be done at anytime. This will move the process along for
the contractor, tenants and owner. It is anticipated that construction will take approximately 10 months
to complete.
A moving company will be hired to move the tenants from their home to their temporary home. The
tenant will be responsible for boxing up their belongings, transferring their phone, cable and other
services to their new unit (which will be given to them in the notice). The tenant will also be responsible
for transferring those utilities back to their old units after they have been rehabilitated. The tenant will
then have to submit a claim including a payment voucher with the invoices for reimbursement.
All residents will be given notice as to when they can expect to move back to their newly renovated
apartment. Again, the tenant will be required to transfer their own utilities and the project will pay for a
company to move them. A claim needs to be submitted with a payment voucher and the invoices in
order for us to reimburse any expenses related to the transfer.
No tenant will be temporarily relocated for more than 12 months.
Appeal Process:
Every person has the right to appeal their eligibility for assistance, the amount of their appeal, the
adequacy of a comparable unit, the timeliness of an inspection and the time limit to file a claim. This
appeal must be done in writing to the Central Minnesota Housing Partnership’s Executive Director. The
written appeal must be clearly stated as what the appeal is in reference to. At that time the CMHP will
form a committee made up of the Central Minnesota Housing Partnership’s members from their Board
of Directors and a Tri-CAP member (service provider). The committee will review the appeal in
accordance with the URA regulation on relocation benefits and make a determination at that point.
The appealing resident will receive a written explanation of the decision made by the review committee
indicating the reason for their decision.
Community Profile: City of St. Joseph
The City of St. Joseph is located in Stearns County and is part of the St. Cloud MSA. The city was
founded in 1854 as a German settlement. It is home to the College of St. Benedict, an all
women Catholic college. The City contains 3.89 sq. miles (all land).
The city is located 5 miles west of St. Cloud. Its retail commercial development is concentrated
in the downtown area and along the major arterial County Road 75. Regional shopping centers
are available in St. Cloud. Most new commercial development has occurred along the County
Road 75 corridor.
There has been some new industrial development over the past 5 years in the industrial park
located on the east side of St. Joseph.
Single-family residential development is occurring within the city and in surrounding cities and
townships (population has grown by 42% from 2000-2012). The new residential development is
taking place in the northern and southeastern portions of the city. Demand for previously-
owned homes has remained strong and sales of single-family homes have increased steadily
since Q2 of 2011 (source: citydata.com/city/StJoseph).
Demographic Profile of St. Joseph (Source: city/data.com)
2012 Population: 6,646 (42% increase since 2000)
Males 37.2% Females 62.8% (presence of College of St. Benedict)
Median Age: 22.7 years
Median HH income: $61,811
Per capita income: $20,597
Median home or condo value in 2022: $158,209
Mean home prices in 2011: all units – $163,439
Median gross rent (2011): $725
28.9% of population has earned a bachelor’s degree; 7.9% a graduate or professional degree
37.6% of households are currently married; 55.4% never married; 7.1% divorced, separated or
widowed
Employment by industry:
19% educational services
16% retail trade
14% manufacturing
10% transportation and housing
8% public administration
8% construction
6% other services
Unemployment rate in July, 2013: 5.1%
Housing in St. Joseph
Median price of single-family home sales in St. Joseph exceeded $140,000 in the third
quarter of 2013, up from $125,000 in the second quarter of the same year
Median sales price reached $200,000 in Q4 of 2012
New single-family building permits issued in 2010-11-12 were 8,7,8 respectively with an
average cost of $168,600; St. Joseph issued 174 permits in 2005 followed by 77 in 2008
and 24 in 2007; peak average value of permits was $187,100 for 7 permits in 2008
Educational and Health-Care Resources in Area
Local school district with grades K-12; schools include Kennedy Community School, St.
Joseph Laboratory School, and College of St. Benedict school
Several area colleges: Anoka/Ramsey Community College, St. Cloud State University, St.
Johns University, College of St. Benedict, St. Cloud Technical College
Health-care facilities serving St. Joseph: St. Cloud Hospital, VA Medical Administration
Medical Center (both hospitals 7 miles from St. Joseph)
Section 2: Delineation of Primary Market Area
Using ESRI’s mapping capabilities and in consultation with Central MN Housing Partnership
(CMHP), Woods mapped the geographic area within a 20-minute and 30-minute drive time
from the project location. After consulting with CMHP concerning the area within each drive
time, Woods selected the area within a 20-minute drive of the site as the Primary Market Area.
This selection was based upon the property manager’s data regarding which communities
current tenants moved from. The majority of current tenants re-located from communities in
the St. Cloud MSA – from communities such as St. Cloud, Sauk Rapids, Sartell, Waite Park, Clear
Lake, Clearwater, Avon, Cold Spring – all of which are located less than 15 miles from the
project site.
The area within a 20-minute drive time includes much of Stearns County plus parts of Benton
and Sherburne County.
Section 3: Demographic Profile of the Primary Market Area
The following chart provides an overview of major demographic characteristics of the Primary
Market Area for Cloverdale Townhomes (area within a 15-minute drive of the project site):
Table 3.1: Demographic Overview
2010 Census 2012 2015 2017 2012-2017
Growth Rate
Total Population 85,769 86,922 88,337 89,281 0.54%
Median Age 32.0
# Households 33,154 33,360 34,274 34,883 0.90%
Avg. Household Size 2.46
Median HH Income $52,031 $56,674 $59,446 2.70%
2012 Median HH income was $52,031 – this compares to $50,157 for all US households
# Households in PMA forecast to grow at 0.90% annual rate while population forecast to
grow at 0.54% rate.
The median age of 32.0 years compares to a US median of 37.3 years
Table 3.2: Overview of Housing Supply in PMA
2010 Census 2012 2015 2017
Total Housing Units 35,250 35,622 36,485 37,060
Owner-Occupied Housing Units 20,975 20,230 20,879 21,311
Renter-Occupied Housing Units 12,179 13,129 13,395 13,572
Vacant Housing Units 2,096 2,262 2,211 2,177
In 2012, 56.8% of the housing units were owner-occupied while 36.9% were renter-
occupied and 6.4% vacant
The above mix compares to a US average of 56.% owner-occupied, 34.2% renter-
occupied, and 11.4% vacant
Annual rate of change in housing units since 2010 is 0.73%
Median home value in the PMA is $142,981 and is forecast to change by annual rate of
1.31% until it reaches an value of $152,373 in 2017
Table 3.3: Ethnicity of PMA: 2012
Race/Ethnicity % Total
While Alone 89.0%
Black Alone 4.3%
Native American Alone 0.5%
Asian Alone 2.9%
Two or More Races 2.1%
Hispanic Origin 2.8%
The PMA is predominantly white; blacks, Asians and Hispanics comprise the largest
minority groups (by number)
Table 3.4: Educational Attainment (ages 25-plus)
Education Level Attained % of Population
Did not complete high school 8.4%
Earned high school diploma 29.8%
Some college/no degree 24.9%
Associate’s Degree 10.1%
Bachelor’s Degree 17.5%
Master’s or Professional Degree 7.8%
Doctorate Degree 1.5%
26.8% of the population over age 25 have earned a Bachelor’s degree or higher
35.0% have earned some college credits or completed an Associate’s degree
Table 3.5: Workers by Place of Work
75.5% worked in county of residence
24.0% worked in MN but outside county of residence
1.9% worked outside of MN
Table 3.6: Means of Transportation to Work
78.6% drove alone to work
8.0% car-pooled
1.9% took public transportation
0.2% rode a bicycle
0.8% walked
5.7% worked at home
Table 3.7 Households by Poverty Level
Poverty Status # Households
HH income below poverty level past 12 months 4,733
Married couple family 441
Other family – male householder (no female) 133
Other family – female householder (no male) 976
Non-family household 3,184
HH income above poverty level past 12 months 27,992
Non-family households more likely to be below poverty level
15.2% of the total population are below the poverty level
8.1% of the total population are between 100%-200% of poverty
Section 4: Housing Profile of PMA
The following charts provide an overview of the housing supply in the PMA:
Table 4.1: Occupied Housing Units by Age and Tenure: 2010 Census
Age of Householder Total Housing Units Owner-Occupied Renter-Occupied
15-24 3,673 372 3,301
25-34 6,503 3,348 3,155
35-44 5,378 3,785 1,593
45-54 6,462 4,913 1,549
55-64 5,196 4,132 1,064
65-74 2,829 2,270 559
75-84 2,247 1,674 573
85+ 868 482 386
Totals 33,156 20,976 12,180
53.0% of all renter households were ages 15-34 in 2010
25,8% of renter households were ages 35-44 in 2010
Census 2010 Status of Vacant Housing Units:
Total Vacant Units: 2,096
For Rent: 974
For Sale: 417
Seasonal/Recreational: 285
Other Vacant: 534
Rental vacancy rate: 7.1%
Table 4.2: Owner-Occupied Housing by Value
Home Value 2012 2017
<$50,000 391 304
$50,000-$99,999 1,985 2,012
$100,000-$149,999 9.148 8,123
$150,000-$199,999 4,975 4,534
$200,000-$249,999 1,640 2,839
$250,000-$299,999 862 1,549
$300,000-$399,999 724 1,139
$400,000-$499,999 234 353
$500,000-$749,999 157 262
$750,000-$999,999 73 129
$1.0 million-plus 39 65
Total 20,228 21,309
Median Value $142,291 $152,373
Median home value forecast to increase by 7.1% between 2012-2017
72.3% of home owners are currently carrying a mortgage; 27.7% own home free and
clear
Table 4.3 Renter-Occupied Units by Contract Rent Amount: 2009
Contract Rent # Units
Less than $400 1,357
$400-$499 1,023
$500-$599 2,688
$600-$699 2,441
$700-$799 1,192
$800-$899 825
$900-$999 395
$1,000 plus 1,205
Total with cash rent 11,127
Proposed contract rents are in the $600-$699 range
80.5% of rental households pay for one or more utilities
22.8% of renters in PMA moved in 2005 or later
Section 5: Household Income Distribution in PMA
The following table presents an overview of household income distribution within the PMA for
2012, 2017, and for 2015 (year of market entry):
Household Income 2012 2015 2017
<$15,000 3,730 3,836 3,906
$15,000-$24,999 3,150 2,780 2,566
$25,000-$34,999 3,906 3,406 3,072
$35,000-$49,999 5,013 4,754 4,581
$50,000-$74,999 7,163 7,036 6,952
$75,000-$99,999 5,178 6,423 7,253
$100,000-$149,999 3,616 4,144 4,496
$150,000-$199,999 899 1,113 1,255
$200,000-plus 705 763 801
Totals 33,360 34,255 34,883
Median HH Income $52,031 $59,446
Median HH income in 2015 forecast to be: $56,480
Section 6: Overview of Local Economy
The city of St. Joseph is part of the St. Cloud MSA. Following are some of the economic
highlights of Minnesota’s 3 rd largest metro area in the state and among the fastest growing. It
consists of 99 cities and townships and has 189,000-plus residents. The MSA spans 3 counties:
Benton, Sherburne, and Stearns, all of which are among the fastest growing in the state.
Median age is 28.0 years
13.6% population growth between 2000 Census- 2010
Over 35,000 students enrolled in the region’s colleges and universities (skewing the
median age even lower)
Diverse population with Whites, Black African-Americans, Asians, Latinos and Native
Americans among the racial groups
MN State Demographic Center predicts that the St. Cloud MSA will continue to grow
quickly over time and outpace the State of MN in total population growth
State Demographic Center projects steady growth in the region’s labor force over the
next two decades, expanding more than 25% from 2010-2030
MSA has a diverse and solid base of industry that includes national organizations such as
Capital One, Xcel Energy, Wells Fargo, Gold N’Pump, and DeZurik. Total non-farm
employment exceeded 103,800 in November, 2013 with manufacturing; Trade,
Transportation, and Utilities; Education and Health Services and Government being
among the largest employment sectors.
Among the best paying and largest job sectors in the MSA are: management, legal
services, health-care practitioners, architecture and engineering, and business/financial
services. Annual compensation for these sectors range from $55,000 to nearly $90,000.
The MSA also has a significant number of self-employed establishments including
construction, personal services, retail trade, health care and social services, and
professional and technical services. These businesses account for over $100 million in
sales receipts. Among the highest paying sub-sectors are real estate, construction, and
transportation.
43.2% of adults over age 25 residing in the St.Cloud MSA have earned a bachelor’s
degree or higher. More than 81,000 persons are enrolled in the area’s school systems
with more than 27,000 under-graduate and graduate students enrolled in the areas
colleges and universities.
Source of Information: Greater St. Cloud Development Corporation
The following chart, prepared by the US Department of Labor, Bureau of Labor Statistics
presents key statistical data regarding employment characteristics for the MSA
St. Cloud, MN Back Oct Nov Dec Jan Feb Mar
Data Series Data 2013 2013 2013 2014 2014 2014
Labor Force Data
Civilian Labor Force (1)
(4) 109.0 (4) 109.0 (4) 108.5 109.4 109.5 (P) 110.5
Employment (1)
(4) 104.6 (4) 104.6 (4) 103.3 102.8 103.0 (P) 103.7
Unemployment (1)
(4) 4.4 (4) 4.5 (4) 5.2 6.6 6.5 (P) 6.8
Unemployment Rate (2)
(4) 4.0 (4) 4.1 (4) 4.8 6.1 5.9 (P) 6.1
Nonfarm Wage and Salary Employment
Total Nonfarm (3)
106.0 105.8 104.8 101.9 103.4 (P) 103.7
12-month % change
2.9 3.3 2.7 1.9 2.4 (P) 2.2
Mining, Logging, and Construction (3)
5.4 5.2 4.7 4.2 4.2 (P) 4.4
12-month % change
1.9 6.1 0.0 2.4 2.4 (P) 7.3
Manufacturing (3)
15.1 15.0 14.7 14.6 14.6 (P) 14.7
12-month % change
-0.7 -1.3 -0.7 0.0 0.7 (P) -1.3
Trade, Transportation, and Utilities (3)
21.0 21.5 21.7 20.7 20.4 (P) 20.3
12-month % change
1.9 1.9 2.8 2.0 1.5 (P) 1.0
Information (3)
1.7 1.7 1.7 1.7 1.7 (P) 1.7
12-month % change
0.0 0.0 0.0 0.0 0.0 (P) 0.0
Financial Activities (3)
4.6 4.5 4.5 4.5 4.5 (P) 4.5
12-month % change
4.5 2.3 2.3 2.3 0.0 (P) 2.3
Professional and Business Services (3)
9.1 9.1 8.9 8.5 9.0 (P) 9.0
12-month % change
9.6 9.6 8.5 6.3 9.8 (P) 8.4
Education and Health Services (3)
20.4 20.1 19.8 19.8 20.2 (P) 20.4
12-month % change
7.9 8.6 5.9 3.7 3.6 (P) 4.1
Leisure and Hospitality (3)
9.1 9.0 9.1 8.9 9.0 (P) 9.0
12-month % change
1.1 4.7 5.8 4.7 4.7 (P) 4.7
Other Services (3)
3.5 3.5 3.5 3.5 3.5 (P) 3.5
12-month % change
0.0 0.0 0.0 2.9 0.0 (P) 0.0
Government (3)
16.1 16.2 16.2 15.5 16.3 (P) 16.2
12-month % change
0.0 0.0 -0.6 -2.5 0.0 (P) -0.6
Civilian labor force growing although employment declined during winter months from
November through February; with a slight up-tick in March, 2014
Similar pattern in overall employment rate – yet rate remains below 7.0%
Section 7: Overview of Comparable Properties
The following section contains:
Chart comparing Cloverdale Townhomes with a selection of seven (7) comparable
properties: 3 in St. Joseph, 2 in Sartell, and 2 in St. Cloud including a location map for all
properties
Photographs of the Cloverdale Townhomes
Location map for Cloverdale Townhomes
Aerial photographs of Cloverdale Townhomes
Photograph(s) and detailed description of the comparable properties
Comparable Housing Market Analysis
Year # of
Map Property Name Sq ft Base Rental Rates Vacancies
Constructed units
n/a
A Project Site
B 10th Ave. Townhouses 1996 12 3 Br - 925 3 Br - $728 None
2 Br - 1,600 2 Br - $771
C Morningside Townhomes 2005 32 None
3 Br - 1,700 3 Br - $884
1 Br - $384 - $451
D Hollow Park Apartments 1980's 12 Unavailable 1
2 Br - $430 - $503
Pheasant Crest 2 Br - 1,182 2 Br - $665
E 2004 42 Unavailable
Townhomes 3 Br - 1,328 3 Br - $760
2 Br - 1,309 2 Br - $660
F Burl Oak Townhomes 38 None
3 Br - 1,480 3 Br - $760
2 Br - 1,293 2 Br - $500
G The Brownstones 2000 12 None
3 Br - 1,337 3 Br - $560
2 Br - 1,426 2 Br - $500
H The Creeks 2000 24 None
3 Br - 1,493 3 Br - $560
Project Site
Project site - 910 E Baker St.
B 10th Ave. Townhomes
St. Joseph, MN
(320) 685-7771
Rental Rates
30% of adjusted gross income
Flat rental rate
Features & Amenities
Laundry hook-up
Stove & refrigerator
Garage
Yard
Patio area
C Morningside Townhomes
198 Iverson
Saint Joseph, MN
(320) 363-4887
http://www.sandcompanies.com/residential-property-management-properties.php?id=15
http://www.rent.com/minnesota/st-joseph-townhouses/morningside-townhomes-4-
63041825
Rental Rates
2 bedroom - $771
3 bedroom - $884
Features & Amenities
Covered front porch
Double car garage with operators
Central heat and air conditioning
Private entry
Walk-in closets
Custom kitchen features:
Abundant cabinet space
o
Breakfast bar
o
Frost-free refrigerator/freezer
o
Range with self-cleaning oven
o
Dishwasher
o
Full-size coin-operated washer/dryer in each townhome
Children's play area with equipment
D Hollow Park Apartments
332 Cypress Dr.
St. Joseph, MN 56374
(320) 229-4580
http://www.ccstcloud.org/services/housing/affordable-rental-units/hollow-park-
apartments/
http://www.minnesotahelp.info/Public/details.aspx?qlink=4jjatKvrDE-6RjQGqUCKWg
Rental Rates
1 Br - $384 - $451
2 Br - $430 - $503
30% of income
Features & Amenities
Rent includes water, sewer, and garbage
Section 8 vouchers accepted
E Pheasant Crest Townhomes
2342 Pheasant Crest Loop
Sartell, MN
(320) 230-3930
http://www.essenceproperties.com/property_detail.php?property=27
Rental Rates
2 bedrooms - $665
3 bedrooms - $760
Income restrictions apply
Amenities
Stove
Refrigerator
Professionally Managed
Playground
On-site caring Manager Team
Dishwasher
Central air
Attached garage
Washer and Dryer in unit (coin operated)
F Burl Oak Townhomes
725 Roberts Road
Sartell, MN
(320) 253-8292
http://www.essenceproperties.com/property_detail.php?property=22
Rental Rates
2 bedrooms - $660
3 bedrooms - $760
Income restrictions apply
Amenities
Water, sewer, and refuge included in rent
Panel interior doors
Energy Star washers, dryers, dishwashers
Energy Star lighting
Central air
G The Brownstones
402 9th Ave. N.
St. Cloud, MN
(320) 252-0880
http://www.stcloudhra.com/Affordable_Rentals.html
Rental Rates
2 Br - $500
3 Br - $560
Income restrictions apply
Features & Amenities
Close to downtown
Tot lot with play equipment
2 baths
Laundry hook-ups
Stove, refrigerator, and dishwasher
Walk-in closet
Located near grocery stores, banks, restaurants, and churches
Access to metro busline
H The Creeks
721 33rd Ave. N.,
St. Cloud, MN
(320) 252-0880
http://www.stcloudhra.com/Affordable_Rentals.html
Rental Rates
2 Br - $500
3 Br - $560
Income restrictions apply
Features & Amenities
Community room
Tot lot with play equipment
On-site resident caretaker
2 baths
Laundry hook-ups
Stove, refrigerator, and dishwasher
Walk-in closet
Air conditioning
Attached garage
Located near grocery stores, banks, restaurants, and churches
Access to metro busline
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