Recent funding awards help create new homes
While 2020 has not been an easy year for anyone, our communities remain resilient. We’re so grateful to everyone who continued supporting our work amidst the challenges, and we recently received exciting news that gives us even more hope for a better and stronger 2021: CommonBond received funding awards from a number of partners—funding that will help us build hundreds of safe, affordable homes for more neighbors in our Minnesota communities!
The funding for these and other projects across the state is critical in meeting the deep need for quality housing that’s affordable for people with lower incomes. Here’s a snapshot of the funding:
- Minnesota Housing approved funding for Marketplace Crossing in Big Lake. This building will offer 60 units for families, with homes reserved for people moving out of homelessness and people with disabilities.
- Funding from Minnesota Housing (with significant support from Ramsey County) has also been recommended for the Highland Bridge site in St. Paul. Located on the old Ford Motor Company site near the Mississippi River, it will be a beautiful setting with 60 apartment homes for seniors—including those moving out of homelessness.
- The Washington County CDA approved funding for Headwaters Landing II in Forest Lake. This new property will offer 53 apartment homes for families—including those experiencing homelessness, and people with disabilities. This housing community will be located next door to our first Headwaters Landing building, which opened in 2020 and is almost fully occupied.
- Whittier Community Housing in Minneapolis received this year's single largest funding award granted by the City of Minneapolis Affordable Housing Trust Fund. This will support both an extensive rehab of 43 existing apartment homes (pictured), and new construction of 40 additional ones (initial architectural sketch at top, courtesy LHB). This housing community will also reserve apartment homes for families moving out of homelessness.
Our Executive Vice President of Real Estate, Cecile Bedor, said it best: “We deeply appreciate this funding support and the vote of confidence in our work from Minnesota Housing, Washington County, and the City of Minneapolis. We value our partnership with these funders, and are thrilled the properties will provide over 250 units of affordable housing in Minnesota. So many families and communities will benefit from these homes, both in the near term and for decades to come.”
Learn more about the recent funding awards:
CommonBond gets funding for 250 units in four projects (Mpls/St. Paul Business Journal)
Funding boosts Highland housing (Finance & Commerce)