Thursday, April 27, 2006

Twin Cities Housing Non-Profit Celebrates 35 Years

CommonBond Communities, the Twin Cities area's largest nonprofit developer/owner of affordable rental housing, has found a substantive way to celebrate its 35th year in business.

Sure, there's a fundraising gala on May 19 at the Depot to celebrate 4,000 units of safe, well-maintained apartments and other homes.

But as part of the festivities, CommonBond also recently refinanced about a third of its housing portfolio at a lower interest rate that will permit the organization to reinvest some of the savings to renovate about 1,300 of its oldest units.

The deal also represents a fitting send-off for Joe Errigo, 62, CommonBond's first and only president, who is calling it a career in 2006 after 35 years.

In 1971, Errigo left a job as a planner at the St. Paul Housing and Redevelopment Authority to start CommonBond as a part of the social-justice arm of the Catholic Archdiocese of St. Paul. StarTribune

[CommonBond is no longer part of the Archdiocese's structure.]

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