Choice Bank Donates $1.5 Million to Nonprofit CommonBond

Choice Bank recently made a $1.5 million donation to CommonBond, a Minnesota-based nonprofit committed to providing affordable housing in Minnesota, Iowa, South Dakota, and Wisconsin.

CommonBond builds stable homes, strong futures, and vibrant communities. Their mission is to build a world where every person has a dignified, affordable home that supports independence and advancement within a flourishing community. CommonBond owns or manages 7,000 affordable housing units throughout 60 cities in four states, housing nearly 14,500 people throughout the year.

At Choice Bank, we are dedicated to bettering the places where we live, which, at its most basic level, includes providing safe housing for everyone.

“Housing is foundational for everything,” said Tom Jasper, Choice Bank Chief Operating Officer. “Safe housing is key to securing employment, maintaining health, and improving overall well-being. Everyone deserves a home. Affordable housing is also critical to the ongoing economic development of our communities. As an organization, we are very grateful for the work CommonBond is doing and proud to be able to contribute.”

Our donation will directly support the Wilder Square Development in West Saint Paul, which will provide 136 units of affordable housing. Almost 75% of these units will benefit from Section 8 assistance. Through Section 8, tenants pay about 30% of their income for housing, regardless of the cost of housing. This is incredibly significant as the average household income of households in this development is $19,000, meaning these tenants would likely have been unable to secure safe housing elsewhere.

As CommonBond assists with making up the costs to provide Section 8 housing, this donation from Choice will also allow the operational costs for CommonBond to remain sustainable as they continue to keep families out of poverty and homelessness.

CommonBond does more than just provide housing. The nonprofit utilizes a holistic approach to bring individualized services to those in its housing communities. CommonBond provides services that support stability and independence, career development, and tutoring for K-12 grade youth through its Study Buddies program.

CommonBond’s community-focused mission resonates with Choice Bank’s own People First mission. We currently have a Wishing Well program that gives to those in most need in the communities it serves and fund a Child Care Grant for child care providers in rural North Dakota.

Our #PeopleFirst values are at the heart of everything we do. Learn more about our passion for putting People First here.