Leading nonprofit developer announces name change
Minneapolis-based Community Housing Development Corporation announced today it will change its name to Trellis Co., effective August 12, 2020.
The rebrand benchmarks over five years of transition for both CHDC and BDC. The latter was acquired by CHDC in 2019. Together, as Trellis, the organization will retain its core mission and operating philosophy including its historic focus on financial self-sufficiency, says CHDC President, Elizabeth Flannery.
“Over the past five years, we’ve streamlined our development and management functions, rebuilt our development pipeline, and recapitalized our portfolio,” Flannery says.
“Because our model doesn’t rely on outside philanthropy, we are able to operate efficiently without all of the costs associated with fundraising.” Flannery says.
But she says this streamlined approach has also contributed to the organization’s relatively quiet public presence.
“When I say that we have over 4,000 units of affordable housing in the Twin Cities region, people are shocked,” Flannery says. “The size of our growing portfolio combined with the high quality of the properties and high level of long-term maintenance of aging buildings is notable.”
In addition, the CHDC and BDC portfolio provides among the most deeply affordable apartments in the region. Even the properties without project-based rental subsidies have retained rent levels well below area medians, an increasingly critical asset to all our communities.
With the rebrand, the organization aims to lift its visibility so it can more easily connect with entities seeking a housing partner.
“We really see ourselves as a vehicle for communities and nonprofits that want to create affordable housing but need outside expertise to make it happen,” Flannery says. “Our passion is being that trusted partner.”