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Anoka County HRA approves varied rent increases for four senior housing properties
Summary
On June 24 the Anoka County Housing and Redevelopment Authority approved differentiated rent increases for four HRA-owned senior properties to cover operating and capital needs; the vote was unanimous.
The Anoka County Housing and Redevelopment Authority on June 24 approved new rent increases across four HRA-owned senior housing projects, with trustees voting unanimously to adopt staff-recommended rates.
Staff advised trustees that the authority owns four roughly 50-unit senior properties — the Willows at Ham Lake; Chauncey Barrett Gardens; Savannah Oaks; and the Oaks of Lake George — and recommended different rent adjustments based on each property’s finances and levy support. "Thanks for hearing about the 4 senior projects again," said Shane, a staff member presenting the update. He told trustees the properties are more than 96% occupied and that the HRA treats 95% occupancy as full.
The approved changes set a 1.5% rent increase at the Willows at Ham Lake, 4.5% at Chauncey Barrett Gardens, and 3% at both Savannah Oaks and the Oaks of Lake George. Trustees approved the motion as moved by Trustee Jepsen and seconded by Trustee Brasstead; the roll-call vote was unanimous.
Shane explained the rationale: the four properties vary by age, levy support and prior investment, and operating and capital costs have risen. For Chauncey Barrett Gardens staff recommended stretching some capital work to 2029 — when current debt becomes callable — to reduce near-term negative cash flow. He told the board the management team updated financial tables and benchmarked per-unit costs across the projects to inform differential rent proposals.
Trustee Jepsen acknowledged a lengthy committee discussion before the vote and said trustees had asked many questions about the budget planning. Tanya, an HRA staff member, said staff will meet in early July with the Willows of Ham Lake council to update the joint powers agreement now that that project’s debt is nearing payoff.
The board also discussed longer-term options for the portfolio, including sale, refinance or partnership, and staff indicated they will present those options after the current budget process is complete. Staff will continue to monitor Chauncey Barrett Gardens’ capital needs and refinancing timeline.
