CommonBond Communities, the affordable housing giant that owns more than 7,000 units in 60 cities, is trying to raise $65 million to enhance its aging housing stock. The capital campaign, dubbed “Framing the Future,” will be the biggest capital campaign in CommonBond’s 53-year history.
Its goals:
- Continue to fund Advantage Services, the division of CommonBond that helps residents with housing stability, which includes paying utilities, accessing food, navigating school systems and other everyday tasks.
- Enhance the nonprofit’s aging housing stock and continue to construct new housing to supply the region’s demand for affordable rentals.
- Advocate for policies that support affordable housing at the Legislature.
“The multiple pandemics of public health, financial hardship, racial reconciliation and public safety implications, all of these things have kind of conspired, and there’s a general distress and greater need among a lot of people that we’re seeing show up across our portfolio regardless of income level,” said CommonBond president Deidre Schmidt.
Signs of increased hardship among CommonBond’s residents are showing up in subtle ways.
Before COVID-19, about 85% of residents paid their rent by the fifth of the month, but today 85% of residents pay within the last five days of the month, said Schmidt. Anecdotally, Advantage Services coordinators are hearing more from residents who say they have to choose between making rent and feeding their families.
The costs of hiring private security and installing Virtual Blue monitoring software are up at all buildings, while public safety systems continue to struggle with staffing following the murder of George Floyd. And portfolio-wide, CommonBond’s balance of overdue rent this year is more than $1 million.
Funds from the capital campaign will not be used to offset unpaid rent, said CommonBond spokesperson Katie Selph, but will help staffers continue to offer eviction prevention services.
Before COVID-19, public funding would cover 10% of Advantage Services, while CommonBond and its regular donors would co-pay the remaining 90%. But due to increases in operating costs and loss of rental income over the past four years, CommonBond’s ability to pay its portion of Advantage Services has “pretty much evaporated,” said Schmidt.