CommonBond Communities, NAHT and UnitedHealthcare close on $2.7M of Equity for Le Sueur Meadows II
Columbus, OH. Thursday, January 7, 2021. National Affordable Housing Trust (NAHT) is proud to announce the closing of funding for Le Sueur Meadows II in Le Sueur, Minnesota. NAHT closed on Meadow Village in partnership with CommonBond Communities and investment from UnitedHealthcare.
“Le Sueur Meadows II is one of four recent CommonBond developments in which NAHT invested, helping to address the growing need for more affordable housing, particularly in Greater Minnesota. We deeply appreciate our partnership with NAHT to provide 39 new homes for families in the City of Le Sueur,” stated Cecile Bedor, CommonBond’s Executive Vice President of Real Estate. “The committed and talented team at NAHT genuinely shares our vision and values. We appreciate their support and look forward to working with them again in the future.”
Phase I of the property, Le Sueur Meadows I opened in 2002 and is currently 100% occupied. Le Sueur Meadows II will entail the proposed construction of 39 units of affordable rental housing. Of the 39 units, eight units will operate with project-based rental assistance - targeting individuals experiencing homelessness and persons with disabilities. The project will also offer supportive services for residents in those units through CommonBond Advantage Services.
“NAHT is proud to continue our partnership with CommonBond Communities and UnitedHealthcare at Le Sueur Meadows II. This development will provide quality affordable housing with services, including 8 units serving formerly homeless and persons with disabilities. CommonBond Communities creates, preserves, and manages high quality and impactful affordable housing with services throughout Minnesota and neighboring states in their market,” stated Paul Cummings, Senior Vice President at NAHT.
CommonBond Communities (CommonBond) headquartered in St. Paul, Minnesota, is a not for profit corporation founded in 1971 with a goal of creating affordable housing that provides homes as well as support services for those in need. CommonBond provides homes and services for nearly 12,000 people each year. They develop, own or manage approximately 6,000 affordable rental apartments and townhomes throughout 54 cities in Minnesota, Wisconsin and Iowa.
CommonBond also provides property management services through CommonBond Housing. CommonBond Housing coordinates and supports each facility to provide supply services including financial accounting, data processing social services, construction and building maintenance among others. CommonBond Housing manages 152 properties, of which 54 properties are managed for third-party owners.
“UnitedHealthcare is delighted to expand our investments in affordable housing in Minnesota, and we are proud to work with such a great partner in CommonBond,” said Andy McMahon, vice president of Health and Human Services policy for UnitedHealthcare. “This investment expands affordable housing in much needed rural Minnesota and provides units for the communities’ most vulnerable people.”
Last year, UnitedHealthcare announced its $100 million investment in the Health & Housing Fund, which partners with Stewards of Affordable Housing for the Future (SAHF) and the National Affordable Housing Trust (NAHT), to help build more than 1,000 new homes for families and seniors facing housing insecurity. This investment brings the company’s total contribution in safe and affordable housing to $500 million since 2011.
For media inquiries, contact: Heather Holland, [email protected], 614.917.2864