Partnership aims to address affordable housing shortage in Rapid CityA Black Hills Knowledge Network housing study released a year ago revealed a shortfall in Rapid City of nearly 3,500 housing units for residents whose median annual household income is less than $35,000 per year.
In response to that study, Rapid City Collective Impact set several short-term goals, including plans to create a nonprofit development corporation or partner with an existing organization, such as CommonBond, to build and manage affordable housing properties.
CommonBond staff, with advice from Rapid City leaders, and using grants from the Black Hills Area Community Foundation and the John T. Vucurevich Foundation, plan to begin real estate acquisition and development activities later this year.
According to its website, CommonBond Communities was formed in 1971 and now manages 7,000 rental apartments and townhomes in Minnesota, Iowa and Wisconsin.
The nonprofit helps provide rental relief through naturally occurring affordable housing, residential properties that maintain low rents without federal subsidy, as well as through negotiating real estate transactions for new construction and other developments.
“We are excited to partner with CommonBond Communities because of the organization’s approach in both preserving and creating new affordable housing and by providing resident-focused property management and services,” said Liz Hamburg, executive director of the Black Hills Area Community Foundation, Rapid City Collective Impact, in a release.
"In addition to increasing the amount of affordable housing available in Rapid City, we are pleased that CommonBond brings with it an array of support services that assists tenants in maintaining successful housing," said Alan Solano, CEO of the John T. Vucurevich Foundation.