CommonBond closes on major investment in Seward Community
CommonBond Communities, in partnership with the Seward Neighborhood Group and Seward Redesign, has closed on a $100M transaction to refinance and rehabilitate the Seward Towers East and West in Minneapolis. The Seward Towers are one of the largest affordable properties in the Midwest with 640 apartments. This significant reinvestment will ensure safe, quality housing and affordability for residents for many years to come. Major funders include: HUD, MN Housing, Hennepin County, Metropolitan Council, City of Minneapolis, JLL and Wells Fargo. Addtionally, LISC, FHF, and Twin Cities Land Bank provided $650,000 for the predevelopment loan.
In the US between 1995 and 2009, a total of 700,000 project-based HUD subsidized units were lost to physical deterioration or conversion to market rate housing. This loss had a profound impact on low income individuals and families. With the Seward Towers transaction, CommonBond is currently preserving 1,200 affordable apartments serving families and seniors in three Minneapolis and St. Paul neighborhoods. This is a critical investment in the health of the Twin Cities housing market. Read the Star Tribune article here.
CommonBond Communities' newest property
Sunwood Village, located in Ramsey, MN
Opening July 2016!
This beautiful property offers one, two, and three bedroom apartments.
(Minimum and maximum income guidelines apply).
Section 8 voucher holders are encouraged to apply.Learn More.
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BE A STUDY BUDDY!
CommonBond's Study Buddies program, which engages youth with volunteer homework mentors, has had measurable impact and success year after year. Our goal is to engage our youth in quality, consistent, and intentional programs by partnering with parents, schools, community resources, and volunteers. Learn more here.