Friends:
CommonBond is addressing challenging conditions in the affordable housing industry and finding fresh solutions to stabilize residents and our portfolio so that we can deliver on our mission well into the future.
As I’ve shared at the end of last year, our future state vision includes:
- A smaller and healthier portfolio
- A diversified approach to property management
- Maximized Advantage Services within our fundraising capacity
I am pleased to say that we are starting to see traction from our actions in pursuit of this vision. I am optimistic that our progress will only accelerate as we continue to apply ourselves to the challenges in our organization, industry and environment, stay centered in our values and make hard decisions when necessary.
Today I am providing an early preview for you about a change that we intend to make next year, because I know how deeply each of you is invested in our mission.
A New Collaboration with The Community Builders
CommonBond is pleased to be bringing to the Twin Cities market a mission-driven, non-profit organization to assume a significant property management role for the CommonBond portfolio. Pending important preparation work and required approvals, The Community Builders (TCB) will begin to provide property management services to about half of our portfolio, beginning in 2026, and CommonBond will no longer self-manage its sites.
TCB has a reputation for values-based, resident-focused property management where their outcomes pertaining to resident experience and property performance have been positive outliers in the current very difficult environment. CommonBond and TCB have had a close peer-support relationship for over a decade particularly through our mutual work on best practices and policy through national networks like the Housing Partnership Network and Stewards of Affordable Housing for the Future.
Until recently, we anticipated continuing to self-manage about half of our portfolio. However, our 2023 search for third-party property management revealed limited capacity in our region. As a result, we’ve gradually transitioned management to trusted partners—ACC Management Group, Lloyd Management, MetroPlains Management, Property Solutions & Services, and Premier Management & Development—which now oversee roughly half of our communities.
Now, The Community Builders (TCB) presents a new, compelling option. With a strong track record, aligned mission, and established infrastructure supporting 12,000 homes nationally, TCB brings the scale and systems we need. Their entry into our region opens a meaningful alternative to self-management for the rest of our portfolio. They have well-established infrastructure and property management systems made possible by their enviable scale. TCB will begin working with us immediately. CommonBond will continue to offer Advantage Services on our sites.
While TCB will not be bringing social services to our sites (we will continue to do that), they understand and value CommonBond’s Advantage Services. The TCB property management approach is designed to work in conjunction with service partners and considers CommonBond’s Advantage Services a major factor for success of residents and property operations.
CommonBond’s Focus on Our Areas of Greatest Strength
CommonBond’s focus will be in our signature programmatic strong suits and the necessary organizational capacity to book earned revenue, manage the organization’s administrative and financial responsibilities and engage a passionate and diverse board.
Programmatic focuses of CommonBond post 2026:
Advantage Services: The majority of our work will be dedicated to our dedicated Advantage Services program; focusing on supportive housing, resident stability, and multi-generational programming to support residents in achieving their aspirations. We will continue to provide among the deepest and broadest services programs in the industry, thanks to the generosity of donors.
Real Estate: CommonBond remains committed as the owner of our housing communities and will continue to actively manage the portfolio. This is complex, demanding work—and restoring the health of our aging properties requires substantial resources. Our talented real estate team is focused on steady-state asset management, ensuring strong oversight of third-party property managers and maintaining vital relationships with investors, lenders, and regulators. At the same time, our development team is delivering a clear strategy: bringing in new capital, improving existing assets, and advancing new opportunities.
We believe that adding this strategic collaboration with TCB will enhance the CommonBond resident experience and support the best possible property operations outcomes in the current environment of escalating costs, uncertain public funding and continued resident distress. It is consistent with our stated organizational values, particularly Partnership, Innovation, and Excellence.
This move will also allow us to focus on our core strengths and build toward a future where everyone has a safe and affordable place to live. Your continued support is critical as we emerge from this affordable housing crisis, stronger together.
In deep appreciation,
Deidre Schmidt
President and CEO
CommonBond Communities
Deidre Schmidt
President and CEO
CommonBond Communities
