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<br />continuum, beginning with entry-level multifamily housing and passing on to <br />single-family homeownership. <br /> <br />New Homes For Sale <br /> <br />Under the pricing and location guidelines, absorption of 6,000 new homes is <br />achievable within a 5-year period. It is recommended that over the next five years <br />6,000 housing units be distributed as shown on the chart on the following page. <br /> <br />The greatest unmet demand for new for-sale housing is for a product priced below <br />$150,000. This provides an excellent opportunity for the development of entry- <br />level, single-family homes. <br /> <br />PROJECTED UNITS OF SUPPORT FOR <br />NEW, FOR-SALE HOUSING DEVELOPMENT <br />IN FARGO-MOORHEAD SUBMARKETS <br />5- YEAR PROJECTION <br /> <br /> <br />Below $150,000 925 325 150 300 50 1,750 <br />$150,000 - $199,999 1,250 450 300 425 75 2,500 <br />$200,000 - $299,999 525 250 175 250 50 1,250 <br />$300,000 and higher 200 150 50 75 25 500 <br /> Cumulative Total 6,000 <br /> <br />Rental Housing Developments <br /> <br />Under the pricing and location guidelines, absorption of 600 to 900 new apartment <br />units is achievable within a 5-year period. <br /> <br />Demand from households with incomes between $21,800 and $39,00013 depending <br />upon household size, is currently accommodated by market-rate apartment rentals <br />at moderate rents. <br /> <br />13 HUD defines this income range based on household size for 1-,2-,3- and 4-person households. These are <br />$21,800 to $27,300: $24,900 to $31,200; $28,000 to $35,100; and $31,150 to $39,000, respectively. <br /> <br />15 <br /> <br />Linda S. Donnelly. Al.C.p. <br /> <br />August 2006 <br />