Minnesota Housing News

Reminder: 100 Year Old Commerce Building in Downtown St. Paul Redeveloped Into 100 Work-Force Homes

ST. PAUL, Minn., July 21 PRNewswire — WHAT: CommonBond Communities and Commerce Partners, LLC, owned by the Rutzick Family in partnership with Minnesota Housing and the city of St. Paul, announce the historic preservation and redevelopment of The Commerce Building in downtown St. Paul. A $10.4 million development, the 1900's Commerce Building provides 100 work-force apartment homes affordable to people making 60 percent of Area Median Income (AMI) or less. Six units are reserved for people who have experienced long-term homelessness. Funding partners include Minnesota Housing, City of St. Paul, Metropolitan Council, US Bank and PNC MultiFamily Capital. CommonBond Communities is the developer and property manager. WHEN: Monday July 21, 11:30-1:30 p.m. VISUAL/INTERVIEW: 11:45 - 12:30 interviews with Paul Fate, President of CommonBond and new Commerce Building residents 11:30 p.m. - 12:30 tours of completed homes 1:00 brief program featuring St. Paul Mayor Chris Coleman and CommonBond President Paul Fate. Interviews with Tim Marx, Minnesota Housing and Commerce residents also available upon request. WHERE: 8 East 4th Street, downtown St. Paul — (near Crown Plaza hotel) Parking at The Victory Parking Ramp at 344 Wabasha Street or The Lowertown Ramp at 316 Jackson Street WEB SITES: http://www.thecommercebuilding.net — For media kit http://www.commonbond.org http://www.mnhousing.gov

CommonBond Communities is the largest nonprofit provider of affordable homes with on-site resident services in the Upper Midwest. CommonBond's nearly 5,000 apartments and town homes are located in Minnesota, Wisconsin and Iowa. CommonBond Communities has earned a national reputation for excellence in developing and managing quality affordable housing while providing customized resident services administered through Advantage Centers that promote resident success.

Minnesota Housing is a state agency committed to finance and advance affordable housing opportunities for low and moderate income Minnesotans to enhance quality of life and foster strong communities. The agency invests more than $1.6 billion in affordable housing each biennium. If ranked among the commercial banks, it would be the sixth largest bank with total agency-wide assets of $3.3 billion as of June, 30, 2007.

SOURCE CommonBond Communities

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