Minnesota State Housing Tax Credit Program contribution will support affordable housing in the state.
Old National Bancorp (“Old National”) has announced a $3 million investment into the Minnesota State Housing Tax Credit Program and Contribution Fund, benefiting CommonBond Communities. The transformative investment will support affordable housing projects and promote multi-family housing development for Minnesotans.
“We take tremendous pride in strengthening and supporting our Minnesota communities, and we look forward to serving our clients who have such a positive impact in the communities we serve,” said Jim Sandgren, Old National CEO, Commercial Banking. “This investment demonstrates the value we place in Minnesota, and we look forward to a cascading positive impact throughout the Twin Cities and every region we serve.”
Old National’s investment will be distributed over the next four years, beginning with a $1 million award in 2024. The contribution was made through the Minnesota Housing Tax Credit Program and Contribution Fund. The new program is an incentive to fund the preservation and development of affordable housing throughout Minnesota.
“This gift highlights Old National’s leadership, vision, and community-mindedness,” said Adam Faitek, Vice President of Development at CommonBond Communities. “Contributions made through the Housing Tax Credit Program give our organization flexible funds that can be put toward sustainable housing solutions in the neighborhoods that need them most. By giving in this way, Old National is setting an example for other community leaders who want to make an impact.”
Old National’s contribution will preserve affordability for hundreds of families and senior citizens at the Wilder Square, Bloomington Family Townhomes, and St. Anne’s Senior Housing centers. The funding will help to address the great need for investment in affordable housing, one that exists across the entire Midwest.
The funds have already helped 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, meaning residents will pay no more than 30% of their income for housing. Without access to housing options like Wilder Square — where the average household income is $19,000 — these residents would be at great risk of homelessness. These funds are preserving a vital community asset.
All CommonBond residents have access to a range of Advantage Services, including wellness, education, and professional development resources.
For example, at Wilder Square, a resident and mother of two children lost her job and required help finding employment. CommonBond staff met with her regularly to facilitate the process. The resident secured a new full-time job within a month and has found growth and success in her new employment.
“Old National’s gift will make many more stories like this a reality,” Faitek said.
Old National has 31 banking centers throughout Minnesota and operates in nine states throughout the Midwest and Southeast. Old National is dedicated to upholding the foundations of the Community Reinvestment Act (CRA) by providing lending, investment, and service opportunities that support underserved populations and communities. In February 2022, Old National unveiled a $8.3 billion, five-year Community Growth Plan, and in 2024, the Plan was expanded to $9.5 billion.
To learn more about the Tax Credit Program and how you can support CommonBond, please contact Adam Faitek.
