Meeting a critical community need
Housing is a fundamental human need. Yet many of our neighbors don't live in stability:
- Over 13,000 adults and children are homeless on any given night in Minnesota, up from 9,000 just three years ago.
- 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.
Some homeless adults - even those living in shelters - are working, but do not earn a livable wage that covers rent and other living expenses. In a healthy market, a diverse supply of housing is available to meet the needs of families and individuals at all income levels.
In addition, many households are cost-burdened, meaning they pay 30% or more of their income for housing. When housing costs exceed this threshold, it often forces families to cut back on other necessities such as food, heat or health care.
- In 2009, over one in eight Minnesota households were paying more than 50% of their income for housing. Those severely burdened households include an incredible one in four renter households.
- Between 2000 - 2007, Minnesota had the fastest growth in severely cost burdened households of any state in the nation.
Without access to affordable homes, these families are often just one unexpected financial emergency away from homelessness.
As Aeon creates affordable apartment homes, it invests millions of dollars in undercapitalized neighborhoods and transforms blighted areas into vibrant places to live and work. Our mission meets a critical need while strengthening lives and communities. |
