Develop Affordable Housing
CommonBond's Acquisition and Development team focuses on developing new affordable housing, taking over at-risk properties and rehabilitating current properties in our portfolio. We keep expanding to meet the need for quality, affordable homes. The hallmark of CommonBond housing is this seamless blend of quality and affordability. We are experts at acquiring and developing quality, affordable housing that lasts.
CommonBond has a long history of responding to industry and market changes. We have been developing housing through the early years of 100% HUD financing and Section 8 contracts to the current environment, piecing together limited tax credit allocations and multiple sources of financing to make developments happen.
Keys to our Development Success:
Community Engagement
The CommonBond development team has a strong history of working closely with the local community before we build. To ensure that new developments succeed before we put a brick in the ground, we:
- Conduct extensive market research to determine the need.
- Build early state and local support for our efforts.
- Seek out local funding sources.
- Seek active citizen participation.
- Seek to develop housing that achieves the goals and priorities of the city/state/county we are working with, as reflected in their adopted plans.
- Emphasize high quality design and seek to develop housing that fits in to the surrounding community.
Tax Credit Experts
As pioneers in the low-income housing tax credit program, we are experts in the entire program’s life cycle.
- 49 successful tax credit projects throughout Minnesota, Wisconsin and Iowa
- A seasoned staff of industry experts well versed in the systems
- Award winning compliance
Capital Reinvestment Program
We are committed to preserving what is already in our portfolio to sustain the quality of affordable housing for generations to come.
Recent Highlights:
2006: $60 million refinance of 17 properties. This project was the first time that HUD allowed the refinancing of multiple communities in one financing package and transaction. It was featured in national publications as an important financing breakthrough in the field.
2007: Refinance and rehabilitation of 300 units, in St. Paul at $16,000 per unit.
2008: Refinance and rehabilitation of 116 units, a community in Bloomington and our oldest housing community in Red Wing.
See CommonBond's Awards or look through CommonBond's Acquisition and Development brochure.
