Old National Partnership with CommonBond Communities Helps Provide Affordable Housing in St. Paul
At Old National, strengthening and supporting the communities we serve is a core value. One of the most critical ways in which we accomplish this work is by partnering with organizations to provide affordable housing.
As the Midwest’s largest nonprofit provider of affordable housing with services, CommonBond Communities in St. Paul, Minn., has been one of our best partners in helping individuals achieve affordable housing.
We’ve partnered with them on a variety of different programs and initiatives. Here are a few highlights.
Wilder Square Apartments
In February 2024, we made a $500,000 contribution to the Minnesota Housing State Housing Credit Program for the benefit of CommonBond Communities’ Wilder Square Apartments. Wilder Square Apartments are located in the Thomas-Dale neighborhood of St. Paul, Minn. The contribution will help maintain 136 quality affordable housing units.
Two-thirds of these units will benefit from Section 8 assistance, meaning residents will pay no more than 30% of their income for housing. Without access to housing options like Wilder Square — where the average household income is $19,000 — these residents would be at great risk of homelessness. These funds are preserving a vital community asset.
Minnesota State Housing Tax Credit Program and Contribution Fund
In November 2024, we announced a $3 million multi-year investment into the Minnesota State Housing Tax Credit Program and Contribution Fund, benefiting CommonBond Communities. The transformative investment will support affordable housing projects and promote multi-family housing development for Minnesotans.
This innovative program allows individual and corporate Minnesota taxpayers to invest in housing and receive a credit on their Minnesota taxes for 85% of their contribution. The State Housing Tax Credit Program and Contribution Fund helps finance multifamily and single-family housing that is affordable throughout the state of Minnesota. Funds go towards gap financing, new construction, acquisition, rehabilitation, demolition or removal or existing structures, construction financing, and permanent financing.
“We take tremendous pride in strengthening and supporting our Minnesota communities, and we look forward to serving our clients who have such a positive impact in the communities we serve,” said Jim Sandgren, Old National CEO, Commercial Banking. “This investment demonstrates the value we place in Minnesota, and we look forward to a cascading positive impact throughout the Twin Cities and every region we serve.”
“This gift highlights Old National’s leadership, vision, and community-mindedness,” said Adam Faitek, Vice President of Development at CommonBond Communities. “Contributions made through the Housing Tax Credit Program give our organization flexible funds that can be put toward sustainable housing solutions in the neighborhoods that need them most. By giving in this way, Old National is setting an example for other community leaders who want to make an impact.”
Partner and Client
In addition to Old National partnering with CommonBond on these programs, CommonBond is also an Old National Bank customer. Our Philanthropy Services team has assisted with their fund development efforts and provides consultation around prospect management strategy and cultivation.
In addition to our banking relationship with CommonBond, the Old National Bank Foundation has provided grants to help support various CommonBond programs. We have also been engaged with them through sponsorship and bank attendance at their annual fundraising gala. We look forward to our continued partnership as we work to achieve affordable housing in the communities we serve.
To learn more about CommonBond Communities visit: commonbond.org.
