A twin-cities nonprofit developer and manager of affordable housing is coming to Rapid City.
Last year, CommonBond Communities conducted a feasibility study of housing needs in the area.
CommonBond specializes in multi-family housing. They will acquire, build and manage affordable housing properties
David Lust is with Rapid City Collective Impact, a group partnering with CommonBond.
Lust says there’s a significant need for affordable housing in the area.
“They are looking to acquire affordable housing properties, which is significant because that ensures it stays as affordable housing” Lust says. “Right now, with the market as it is there’s always pressure on affordable units to go to market rent properties. [CommonBond] doesn’t do market rent properties, so if they obtain a properties, that ensures it will stay affordable.”
According to a recent housing study, the Rapid City area is shortly nearly 3,500 units for residents whose average median household income is less that $35,000 per year.
Lust says with growth at Ellsworth Airforce Base and the B-21 bomber, pressure for housing to go to market rate will increase.