Partnering for Greater Impact: Choice Bank and CommonBond Communities
CommonBond’s mission of building stable homes, strong futures, and vibrant communities would not be possible without the partnership of businesses, organizations, and individuals. When we work together, we can have an even greater impact!
One partner we want to spotlight is Choice Bank. Their organization is dedicated to bettering the places where we live, which, at its most basic level, includes providing safe housing for everyone. This is in alignment with CommonBond’s mission to build a world where every person has a dignified, affordable home.
Choice Bank recently made a $1.5 million contribution to CommonBond through an innovative new program: The Minnesota State Housing Tax Credit Program and Contribution Fund.
This program gives taxpayers a new way to support the preservation and development of affordable housing. Eligible Minnesota taxpayers can make a contribution between $1,000 and $2 million through the fund. The contributor then receives a state tax credit equal to 85% of their contribution to apply to their Minnesota tax liability.
Choice Bank’s contribution will support CommonBond’s Wilder Square housing community in Saint Paul, which provides 136 units of affordable housing. Two-thirds of these units will benefit from Section 8 assistance. Through Section 8, residents pay no more than 30% of their income for housing.
This is incredibly significant as the average household income of households in this community is $19,000, meaning these residents would be at greatest risk of homelessness without access to housing at Wilder Square.
Not only did Choice Bank recently make this significant contribution through the Minnesota State Tax Credit Program, but they also held a supply distribution event at Wilder Square for residents. Every resident received a bag of essential cleaning products and a $25 gift card for groceries. When you live on a limited or fixed income, basics like cleaning supplies and food can stretch an already strained budget. Every little bit helps!
We are so grateful for their support! If you would like to learn more about the Minnesota State Housing Tax Credit Program, please contact Adam Faitek (adam.faitek@commonbond.org).
