Affordable housing

The city of Minnetonka, with the help of residents, elected officials, and city has developed a vision, organizational mission, and strategic goals to help the community meet its needs and also provide an opportunity to measure how it is doing. The development of affordable housing is an outcome of two strategic goals:

  • We will support well-planned, reasonable development of the community.
  • We will be responsible metropolitan citizens.

In order to achieve it’s strategic goals, the city of Minnetonka and the Metropolitan Council have worked together to create affordable housing development goals.

Affordable owner-occupied and rental housing goals
Goal Type Long Term Goals
1995–2010		 Results to Date Percent of
Long-Term Goals
Owner-Occupied New Construction 180 units 234 units 130%
Rental New Construction 324 units 200 units 62%
Total 504 units 434 units 86%

What is considered affordable?

Affordable owner-occupied units

An affordable home for those making 80% of area median income sells for $214,900 (2008) or less

Affordable rental units

Affordable rental units to those at 50% area median income or less* (2008)

  • Efficiency $707
  • 1 Bedroom $758
  • 2 Bedroom $910
  • 3 Bedroom $1,051
  • 4 Bedroom $1,172

Affordable rental units to those at 30% area median income or less* (2008)

  • Efficiency $424
  • 1 Bedroom $454
  • 2 Bedroom $546
  • 3 Bedroom $631
  • 4 Bedroom $703

* These maximums include both monthly rent and tenant paid utilities

Income

In 2008, the area median income for the Twin Cities is $80,900 for a family of four. Affordable housing pricing is done typically by using a percentage of the area median income where a household does not spend more than 30% of their income on housing costs. For example, in 2008 for a family of four:

  • 80% Area Median Income: $64,720
  • 60% Area Median Income: $48,540
  • 50% Area Median Income: $40,450
  • 30% Area Median Income: $24,270

Affordable housing projects

Affordable housing built since 1997: owner-occupied units
Project Year Completed Affordable Units
Gables Townhouses 1997 90
Habitat for Humanity 1999 4
Ridgebury Townhouses 2000 56
The Enclave 2002 1
The Sanctuary 2005–2006 4
Lakeside Estates 2006 1
Cloud 9 2006 34
Wyldewood Condos 2006 8
Total 198
Affordable housing preservation: owner-occupied units
Project Year Completed Affordable Units
Homes Within Reach 2002–Present 21 (to-date)
Total 21
Future affordable housing projects: owner-occupied units
Project Year Completed Affordable Units
34th Circle West 2006 1
Deephaven Cove 2006–2007 2
Meadowwoods 2006–2007 2
Glen Lake 2007–2009 20
Total 25
Total current and future affordable housing: owner-occupied units
Project type Affordable Units
Built since 1997 198
Preservation 21
Future 25
Total 244
Affordable housing built prior to 1997: rental units
Project Year Completed Affordable Units
Glen Lake Landing
(senior rental) 		1980 97
Cedar Hills Townhouses 1983 30
Beacon Hill (senior rental) 1994 44
Total 171
Affordable housing built since 1997: rental units
Project Year Completed Affordable Units
Excelsior Court Apartments (disabled rental) 1996 24
West Ridge Retirement
(senior rental) 		1997 45
Boulevard Gardens
(senior rental) 		1997 46
Crown Ridge Apartments 1997 46
Minnetonka Mills 1997 30
Cedar Pointe Townhouses 1997 9
Total 200
Affordable housing preservation: rental units
Project Year Completed Affordable Units
Minnetonka Heights 1999 172
Elmbrooke Apartments 2001 46
Metro Family Affordable Housing Program 2001-Present 14
Total 232
Future affordable housing projects: rental units
Project Year Completed Affordable Units
Cargill In progress at least 6; up to 19
Oaks Glen Lake In progress 13
Total 6–19
Total current and future affordable housing: rental units
Project type Affordable Units
Built prior to 1997 171
Built since 1997 200
Preservation 232
Future 19–32
Total 622–641
Total current and future affordable housing
Unit type Affordable Units
Owner-occupied units 244
Rental units 6622–641
Total 866–885