DATE: April 17, 2017
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
2017 Rental Rates - HRA Rental Properties
Body
SUMMARY AND ACTION REQUESTED:
Determine 2017 rental rates for Housing & Redevelopment Authority owned properties.
BACKGROUND:
The Housing & Redevelopment Authority (HRA) owns 4 rental properties as part of their effort to provide affordable housing in Northfield.
517 Washington St S: 2 - 2 Bedroom Units - Both units were recently leased to the Community Action Center for their emergency housing program. The lease rate for both units was determined at the March 9, 2017 HRA meeting.
2007 Hidden Valley Road: 3 Bedroom Unit - This unit is leased to Ruth's House of Hope for their transitional housing program. Current lease rate $1239 per month through June 30, 2017. The HRA provides all utilities, lawn mowing and snow removal services.
2330 Elianna Drive: 4 Bedroom Townhome - The unit is leased to an individual family. Current lease rate $945 per month through April 30, 2017. The tenants provide their own utilities. The lawn care and snow removal costs are covered by the association fees which is paid by the HRA.
2334 Elianna Drive: 4 bedroom Townhome - The unit is leased to an individual family. Current lease rate $945 per month through April 30, 2017. The tenants provide their own utilities. The lawn care and snow removal costs are covered by the association fees which is paid by the HRA.
ANALYSIS:
The Department of Housing & Urban Development (HUD) sets Fair Market Rents (FMR) each spring by County. The FMR set by HUD for 2017 actually decreased from the 2016 FMR by as much as 8.30 percent.
The rental rates for 517 Washington St S were already set below the FMR level at the March 9, 2017 meeting and do not need to be addressed at this time.
The monthly rent rate at 2007 Hidden Valley Road of $1,239 will need to be addressed. The tenant, Ruth's House of Hope, will onl...
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