Commonbond Communities bought Stonehouse Square for $11 million and will renew a Section 8 contract for 19 low-income units.
A nonprofit affordable housing developer has bought the Stonehouse Square Apartments in northeast Minneapolis, a move that will preserve 19 subsidized units in an increasingly pricey neighborhood.
CommonBond Communities bought the building at 215 NE. Broadway for $11 million this month and will seek funding to renovate the property.
Carin Peterson, one of the organizers for the Stonehouse Square Apartments Tenants Association, said in an interview that CommonBond coming into the neighborhood is “a beautiful thing” and is a “complete relief” for residents who use Section 8 vouchers in the building.
Peterson, who moved in four years ago, said it’s a victory for more than those who live in the Section 8 units. “For everyone else it means rent is not going to skyrocket because someone is not going to come in and throw in a granite countertop and raise it,” she said.
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"New owner will preserve affordable housing in historic Minneapolis building"; By Marissa Evans; StarTribune; October 30, 2019