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Boulder Ridge Real Estate Case Study

Naturally Occurring Affordable Housing (NOAH)

The purchase of Boulder Ridge is the first of many in CommonBond’s deliberate effort to counter the loss of affordable housing options. These acquisitions are especially critical as investors – local and nationwide – are rapidly buying modest properties in the region, adding luxury amenities, and substantially raising rents. CommonBond has been a leader in identifying this troubling trend and working collaboratively with regional and national stakeholders to create financing and policy solutions to counter the loss of naturally occurring affordable homes. Boulder Ridge was CommonBond’s first naturally occurring affordable housing (NOAH) acquisition, which ensured the housing would continue to provide an affordable housing option for those with low to moderate incomes.

Boulder Ridge is the first property where we’re partnering with socially-minded investors to preserve affordability in housing without new government subsidies. This kind of acquisition is an important complement to our work using government subsidy programs. It’s also the first property on which we partnered with socially-minded investors to preserve affordable housing through our CommonBond Housing Opportunity Fund.

With its location in a vibrant suburb, Boulder Ridge presents opportunity and access for all. It provides access to quality schools, has plenty of nearby green space and parks, and offers excellent access to public transportation and highways – allowing for better access to jobs and higher wages.

Development Partners

U.S. Department of HUD and Dougherty Mortgage LLC
Enterprise Community Loan Fund
Pohlad Family Foundation

Project Financing

Assumed 223(a)(7) First Mortgage
Sponsor Capital Contribution

Total: $18,065,923


• 2 and 3 Bedroom Apartments
• Gas Fireplace
• Air Conditioning
• Walk-In Closets
• Vaulted Ceilings
• Fully-Equipped Kitchens with Dishwasher, Garbage Disposal, and Microwave
• Patio or Balcony
• In-Home Washer and Dryer
• Private Attached Garage

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