Rise on 7 fills two important needs—affordable housing and child care—in St. Louis Park, Minnesota.
The new development provides 120 units of housing for low- and extremely low-income residents and is home to the Rise Early Learning Center, which serves approximately 62 children, with about half of the slots dedicated to resident families.
“CommonBond is particularly proud of Rise on 7 because it represents what incredible things can happen when communities come together and express a vision for the area they live in,” says Heidi Rathmann-Smith, interim vice president of real estate. “This project was developed to invest in families and generations in St. Louis Park. By combining affordable housing with affordable child care, we are addressing two critical needs that can determine future outcomes for people.”
The nonprofit purchased the site from a local church that had merged with another congregation and wanted its surplus land to go to a good use. In CommonBond, the church found a partner aligned in its desire to create a comprehensive program for families.
The Rise on 7 and Rise Early Learning collaboration is the first co-location effort of its kind for the St. Paul-based nonprofit. CommonBond officials say it is a replicable model for others.
Rise on 7 has 57 one-, 39 two-, and 24 three-bedroom homes, with 19 units designated for those living at 30% of the area median income or below. These units are financially assisted by a new Hennepin County operating subsidy. Of these 19 units, six are reserved for formerly homeless individuals. All units are at least $500 per month lower than comparable market-rate housing in the area, according to CommonBond.
Rise Early Learning helps families access child care through scholarships or a sliding fee scale. In addition, CommonBond and its partners provide resident services focused on stability and independence.
The $41.6 million development was supported by local, state, and federal agencies. In a creative move, developers successfully requested federal officials to reallocate some of its Capital Magnet Fund dollars from affordable housing to economic development to help finance the child care center.
