Aeon redevelops abandoned buildings – and properties ridden with drugs, prostitution or other illegal activity – into quality affordable apartments for families and individuals. Aeon preserves historical landmarks and has preserved more historic properties than any other nonprofit developer in the State of Minnesota.

Aeon also helps meet the community’s needs for affordable housing. The Metropolitan Council notes, “Increasingly, housing is no longer affordable for many Twin Cities working families. This lack of affordable housing for people of all ages and incomes dampens productivity and job growth. The Metropolitan Council recognizes that durable and well-maintained housing is important to community tax base, livability, businesses and the region as a whole.”

Aeon has one product: home. All aspects of our work – including designing, maintaining, improving, managing and connecting – are focused on that one quality product and the opportunity for our residents to make home for themselves. 

As a leader in the industry, Aeon has been recognized with numerous awards – both locally and nationally – for its excellence in design, commitment to quality, investment in the community and community partnerships.

People – Home is one of life's most basic needs, right after air, water, food and love. If we care about people, if we care about our community, we should build a system of decent, affordable housing opportunities.

Affordable apartment homes are especially critical for households with very low incomes (at or below 30% AMI) who are not candidates for home ownership and have few decent rental options.

Economics – Aeon apartments and townhomes ensure that people who earn lower incomes – such as school bus drivers, teacher’s aides, child care providers and health care clinic workers – can live in the community where they work. This is more efficient and productive for everyone. A vibrant economy depends on a workforce that has stable, affordable places to live.

When housing costs more than 30% of a household’s income, it leaves a family struggling to pay for food, clothing, child care and other necessities. Debt compounds, people lose their financial stability and many even become homeless.

Research shows that costs of providing emergency services to a chronically homeless individual – such as shelter, emergency health care, etc. – far outweigh the costs of providing that individual an affordable place to live. There is also considerable evidence that insufficient affordable housing for a work force causes a significant financial drain on a community's economy. 

Aeon opened Crane Ordway, its first St. Paul property, in 2006. Its first suburban property, Clover Field Marketplace, opened in Chaska in October 2008. Aeon currently has properties in re-development in Roseville and downtown St. Paul. 

Aeon’s affordable apartments serve people who earn lower incomes, such as baristas, janitorial workers, school bus drivers, taxi drivers, retail associates and health care clinic workers. Many of these workers earn minimum wage ($6.15 per hour) and would need to spend nearly their entire month's salary – approximately $984 if they work 40 hours a week – to pay the average Minneapolis rent of $910 per month.

About half of the jobs created in the state annually have incomes of $10 or less per hour. Even someone earning $10 per hour working 40 hours a week would spend more than half of their gross income on an average two-bedroom rental unit and utilities – leaving little to cover food, health care, transportation, day care, insurance and emergency expenses.

Individuals living in Aeon’s apartments with rents closer to the market rate often live with classmates, co-workers, and/or relatives to share housing costs and help make it more affordable.

Serving formerly homeless individuals
Some Aeon properties – such as the Lamoreaux and the Continental Hotel – serve individuals who were formerly homeless, including veterans on small military or disability pensions. Aeon also provides 70 apartment homes to formerly homeless youth at St. Barnabas Apartments and Archdale Apartments.

Affordable housing programs usually target population groups based upon some percentage of Area Median Income (AMI). The most common thresholds are 30%, 50%, 60%, 80% and 110% of AMI.