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Paul Fate 071210

by National Housing Conference & the Center for Housing Policy on Jul 13, 2010

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Presentation from the Bring Workers Home workforce housing regional forum in Minneapolis on July 12, 2010

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Presentation from the Bring Workers Home workforce housing regional forum in Minneapolis on July 12, 2010

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ABOUT COMMONBOND CB 40 years Largest nonprofit provider of affordable housing in the Upper Midwest. Opened doors 35,000 families and individuals. CB Business= constructing, preserving, managing QUALITY AFFORDABLE rental apartments and town homes/ providing services to those who live there. So that today we are providing homes to almost 8,000 people 2,000 children Avg income $14K Slide 4= (Map) We are all over the place. 5,000 rental apartments and townhomes / 50 cities, 3 states Seen a CB housing community? Been in one?
Questions to answer: Do you think the need is more critical given the current market? Why? What prompted your organization to focus on workforce housing? What are key challenges? Of the 100 properties: 57 communities are family/intergenerational 36 are senior properties 9 are special needs / disabled We have a total of 28 properties in Minneapolis (serving 1760 people) and 10 in St Paul (serving 2400 people)
Preservation: Cathedral Hill Homes (in the shadow of the Cathedral in St. Paul) 1999 acquisition. Developed with two private developers. Crime ridden/drug infested Gentrification put pressure on this building to become market rate Cathedral was a major partner to keep this affordable 60 units in 7 buildings with a playground and courtyard 68 kids/ Avg income$14K
Commerce Building (downtown St. Paul) 13 units that are 2 bedroom ($1000) 42 units that are 1 bedroom ($878) Opened in summer 2008 Phase I is 55 units / 61 residents currently Developed in partnership with Sherman Rutzick. Next to Crown Plaza hotel had been underutilized for a decade Avg income$25K
Rents: Bedroom mix:
Vicksburg / new construction 26 units that are 3 bedroom ($862) 20 units that are 2 bedroom ($756) 4 units that are 1 bedroom (homeless units/$667) 2007 new construction along 47 and Vicksburg Lane in Plymouth 50 townhomes / 4 are reserved for formerly homeless families / remaining 46 are tax credit units Built in partnership with IOCP / Interfaith outreach and community partners (nonprofit) Average income $21,700
Lonja at kitchen table beautiful and happy home Dignity, hope and community. Lonja’s rent is lowered (30% of income) Advantage Center /afterschool for homework help/ reading time and fun. Lonja is offered training/ suppor t on being a good tenant , budgeting Managing her budget: She and other families are striving to be financially independent.
Trails Edge Townhomes Opened in 2008 48 units / 134 residents / 77 are children average income is $26,600 21 units that are 3 bedroom ($911) 27 units that are 2 bedroom ($792)
Tereussell and her family Moved in Thanksgiving weekend 2008 Came from an area ridden with crime – can sleep at night now knowing her kids are safe.

Paul Fate 071210 — Presentation Transcript

2010 Regional Forum on Workforce Housing Minneapolis, MN - July 12, 2010
- CommonBond builds stable homes, strong futures, and vibrant communities.
Mission
Scale and Impact
- Own and manage nearly 5,000 units in 100 housing communities
- Serve 8,000 people with average household income of $14,000
- Serve families, seniors & people with disabilities
Core Competencies
- Deep, diverse real estate development expertise
- Full service property management
- Commitment to engaging, partnering with the community
- More than housing model – Advantage Services
Advantage Services – Core Programs
- Youth: to excel academically
- Adults: to achieve economic self-sufficiency
- Seniors/disabilities: to live independently longer
The need for workforce housing
- Most jobs being generated in this economy fit this demographic
- These are essential, vital workers for our community and economy
- Stable, affordable housing is key to family and economic success
- New housing application experience
- Wait list for 100 properties exceeds 5,000 names
- Saint Paul
Cathedral Hill Homes
- Downtown Saint Paul
Commerce Building
- St. Paul
Commerce Building - interior
- Plymouth
Vicksburg Commons
- Vicksburg Commons’ resident
Lonja and family
- Maplewood
Trails Edge Townhomes
- Trails Edge residents
Tereussell and family
Key challenges and opportunities
- Financing matters
- Location matters
- Green matters
- Preservation matters
- Public perception matters
- Rental has new standing
- Immigrant / refugee population growth

Paul Fate 071210

by National Housing Conference & the Center for Housing Policy on Jul 13, 2010

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Paul Fate 071210 — Presentation Transcript