FOR IMMEDIATE RELEASE
Contact: Katie Selph | 651-290-6254 | Katie.Selph@commonbond.org
CommonBond Communities receives $500,000 grant from CenterPoint Energy Foundation. Capital funds support the integration of affordable housing and childcare at Rise on 7 in St. Louis Park.
Saint Paul, MN – CommonBond Communities is proud to announce its receipt of a $500,000 grant from CenterPoint Energy Foundation. These resources will support CommonBond’s new property in St. Louis Park called Rise on 7 that will open in late 2023. As the first co-located affordable housing and childcare community in Minnesota, Rise on 7 will bring on-site childcare, early education, and family services to residents through a partnership with Rise Early Learning Center and Way to Grow.
When residents first move into Rise on 7, it will be a fresh beginning. There will be 120 units of new construction affordable housing, including six units reserved for individuals experiencing homelessness. Rise Early Learning will serve approximately 62 children, including Rise residents, with additional parent education and resources provided by Way to Grow. Some childcare slots will be offered to Rise residents at reduced rates.
Rise on 7 is located within a highly sought-after neighborhood in St. Louis Park. Residents will have access to local transit, grocery stores, a shopping center, and local parks. Affordable housing is a critical need in our communities, and Rise on 7 opens opportunities for families with low incomes to live in a safe, convenient area.
“We are so appreciative of CenterPoint Energy Foundation for their support of families in our community in such a powerful way,” says Cecile Bedor, Executive Vice President of Real Estate at CommonBond. “As our largest private philanthropic partner for Rise on 7, this grant will have a significant impact for Minnesota families.”
Locally, many people struggle to find a safe, affordable place to live. More than one in four Minnesotans pay more than they can afford for housing. National Low Income Housing Coalition notes that someone earning minimum wage in Minnesota would have to work 74 hours per week to afford a one-bedroom apartment renting for $1,013 per month. This makes it difficult for people to afford other basic necessities such as food and nutrition, healthcare, transportation, and childcare. Rise on 7 will support families holistically in meeting two major needs:
“We know that safe and stable housing, with accessible and affordable childcare, are critical to helping families and communities thrive,” says Christe Singleton, Vice President, Minnesota Gas, at CenterPoint Energy. “We are proud to invest in this project and in the future of St. Louis Park and families in the community.”
CommonBond thanks CenterPoint Energy Foundation for their support and looks forward to welcoming families into Rise on 7 this fall. To learn more about CommonBond’s mission and work please visit: www.commonbond.org. If you are interested in living at Rise on 7, please contact: marketing.leasing@commonbond.org or 877-302-6228 to learn more.
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About CommonBond Communities: CommonBond Communities believes a home is the foundation for everything in life. Our mission is to build stable homes, strong futures, and vibrant communities. CommonBond has been building and sustaining homes with services for families, seniors, veterans, and people with disabilities since 1971. Learn more at www.commonbond.org.
About CenterPoint Energy, Inc.: As the only investor owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas. As of March 31, 2023, the company owned approximately $38 billion in assets. With approximately 9,000 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. CenterPoint Energy’s grants to non profits are funded by shareholders and have no impact on customer rates, with the finances independent from the company. For more information, visit CenterPointEnergy.com/Foundation.
