Paul Fate 071210
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Presentation from the Bring Workers Home workforce housing regional forum in Minneapolis on July 12, 2010
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Paul Fate 071210
- 1. 2010 Regional Forum on Workforce Housing Minneapolis, MN - July 12, 2010
Editor's Notes
- 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.