Non-profit developer working to bring affordable housing to Rapid City
RAPID CITY, S.D. — Many residents who make less than $35,000 yearly struggle to pay for housing in Rapid City.
Common Bond Communities, a non-profit developer, is working with several organizations to solve the affordable housing issue.
Both the Black Hills Area Community Foundation and the John T. Vucurevich Foundation are providing grant money for the cause.
According to David Lust, a consultant with BH Community Foundation, “The Vucurevich Foundation study identified a shortage of at least 3,500 affordable units in Rapid City. With the anticipated growth from the base and some of the economic development efforts we have going, that’s only going to get worse.”
Staff with Common Bond are currently working on real estate acquisition, putting together a team of contractors, and providing alternative funding.
The whole objective of the affordable housing effort is to close that gap between what it costs to build and the income from the lower rent.
They will also work with Rapid City Collective Impact in order to combine their efforts with social services and resources. The number of housing units per community will vary based on need, and complexes will consist of multi-family housing.
According to Deidre Schmidt, president of Common Bond Communities, “Everyone has value and everyone has potential, not only to provide for themselves, but also to give back to community. But you really can’t do that if you’re not stably housed.”
As of now there is not a set completion date or a final cost estimate. NewsCenter1 will bring you updates throughout the development.