| |  There was a 42% increase in the number of homeless children in Minneapolis Public Schools from the '07-'08 to the '08-'09 school year. Children without stable homes miss more school and have lower academic scores than their peers. | |
Aeon FAQsHave questions about Aeon’s work? Want to learn how Aeon’s vision impacts you and your community? Learn more by reading the answers to our frequently asked questions.
Why should I care about affordable apartment homes?
How does Aeon impact me and my community?
How is Aeon creating a new direction for affordable housing?
Where does Aeon provide its quality apartments?
Who lives in Aeon's properties?
What is the definition of affordable housing?
How are Aeon's affordable apartment homes funded?
What income level has the greatest need for affordable housing?
What income levels are served in Aeon properties?
Why did the organization change its name to Aeon?
Why should I care about affordable apartment homes?
 You should care about Aeon's work for two important reasons: people and economics.
People – Home is one of life's most basic needs, right after air, water and food. If we care about people, if we care about our community, we should build a system of affordable housing opportunities.
Affordable apartment homes are especially critical for households with very low incomes (at or below 30% Area Median Income) who are not candidates for home ownership and have few decent rental options.
Economics – Aeon's 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 such as shelter and emergency health care to a chronically homeless individual far outweigh the costs of providing that individual an affordable place to live. There is also considerable evidence that insufficient affordable housing for a workforce causes a significant financial drain on a community's economy.
Aeon believes that healthy communities include a wide range of quality, affordable housing options.
How does Aeon impact me and my community?
 Aeon positively transforms the lives of people that we know: the young woman who sells us coffee; the middle-aged man who cleans our offices; the elderly man who we see sleeping under the bridge on our way to work; and our family member or friend who always struggled with mental health or chemical dependency challenges.
Aeon redevelops abandoned buildings and vacant properties into quality affordable apartments for families and individuals. Aeon invests millions of dollars in vacant, blighted areas and transforms them into vibrant places to live and work. Aeon preserves historical landmarks and has preserved more historic properties than any other nonprofit developer in the state of Minnesota.
Aeon helps improve the economics of our region. 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 is committed to building long-term community assets. Aeon’s property management oversees day-to-day property operations to ensure quality apartment homes for generations to come.
How is Aeon creating a new direction for affordable housing?
 Aeon is committed to a high standard of quality. We want Aeon residents to be proud to walk up the front steps of their home. We want community members who drive by to admire our properties as community assets. We understand that affordable housing is not always wanted by communities, and we are dedicated to changing that common perception.
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 homes 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.
Aeon implements green building strategies that create a healthier environment for residents and minimize the impact on the environment. Aeon’s vision and core values point to quality, excellence, leadership and sustainability.
Where does Aeon provide its quality apartments?
 Aeon was founded in the Central Community of Minneapolis where it has a significant number of properties. After years of requests from communities throughout the Twin Cities and beyond, Aeon expanded its services to the entire metropolitan area in 2003.
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 will continue to work with communities who desire quality affordable apartment homes to meet the needs of their citizens.
Who lives in Aeon's properties?
 Aeon serves 3,000 men, women and children each year in its 1,705 units of affordable homes. Aeon provides:
225 homes for low to moderate income households
385 homes for very low-income families
455 homes serving formerly homeless individuals
635 homes for minimum wage individuals
Learn more about who Aeon serves and how Aeon's homes have strengthened our residents' lives.
What is the definition of affordable housing?
 Housing is considered technically affordable when its cost, including utilities, is no more than 30% of a household’s gross income.
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.
The Twin Cities area household median income for a family of four is $80,900; that means half of the households in the Twin Cities have gross incomes more than $80,900 and half less than that amount. So a program or property serving households at or below 50% of the Twin Cities AMI would serve those with annual incomes at or below $40,450.
How are Aeon's affordable apartment homes funded?
 Aeon raises the money needed to buy and build properties from city, state and federal programs; public and private loans; and donations from private foundations, corporations and individuals.
Aeon's yearly organizational expenses are funded through corporate and foundation grants, individual donations, earned incomed (such as developer and property fees) and government funding.
Property operating expenses are funded primarily by resident rents. Many very low income families and individuals receive government rental assistance.
What income level has the greatest need for affordable housing?
 Two-thirds of the overall need for affordable housing is for households with annual incomes at or below 30% of AMI, or $24,270, in the Twin Cities metro area. Unfortunately, a majority of the funding for affordable housing serves households above 50% of AMI.
What income levels are served in Aeon properties?
 About half of Aeon’s apartment homes serve households at or below 30% of AMI. Because this is the greatest community need, Aeon strives to maintain that approximate ratio.
For both financial and political reasons, Aeon often creates mixed-income properties. In these properties, we work to ensure affordability to households with incomes at or below 50% of AMI, with as many units as possible for households below 30% of AMI. Aeon’s mixed-income properties also serve some households between 50% and 80% of AMI.
Why did the organization change its name to Aeon?
 From 1986 through 2007, Aeon operated as Central Community Housing Trust of Minneapolis. As the organization expanded its efforts outside of the Central Community of Minneapolis, our name no longer accurately described us.
In October 2007, we changed our name to Aeon and adopted the “Homes for Generations” tagline. Aeon is the Latin form of the word “eon,” which means "forever." Our new name reflects the timelessness of our vision and our commitment to create long-term assets that forever strengthen our community. |
