At CommonBond, we know the importance of both building new homes, as well as preserving and investing in our existing housing communities.
We are so grateful to Allina Health for their investment in our affordable housing. They recently closed on a $2 million investment for our real estate pre-development pool, with a focus on our housing in the greater Twin Cities region!
Allina Health’s impact investment program provides sustainable housing loans designed to support community well-being while generating funds that can be reinvested repeatedly.
This means our development team has the resources they need to keep moving. These invested funds can cover pre-development costs, such as design, community engagement, site holding, and environmental assessment.
With the support of Allina Health and many generous funders, investors, and partners, CommonBond can continue to put resources into the acquisition, preservation, and creation of affordable housing.
Over the past five years, CommonBond has leveraged $8.9 million in pre-development investments to create or rehabilitate 892 homes in our community, generating a total of $286 million in development activity!
These safe, stable homes are a critical foundation for thousands of low-income residents in our community.
Nearly 2/3 of families living at a CommonBond community experienced housing instability before moving in. They may have doubled up with family or friends, stayed in an emergency shelter, or been evicted.
Last year, 90% of CommonBond households maintained stable housing for one year or more. This wouldn’t be possible without the client-centered support CommonBond provides. Our Advantage Services offers wraparound services and programs to address resident needs, with the goal of ensuring residents maintain stable housing.
We are so grateful to our wonderful partners and funders for investing in the critical creation and preservation of affordable homes that provide a foundation for residents to thrive.
