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“Aeon – over the long term – has done a tremendous job at creating quality affordable homes that are an asset to Minneapolis. Their properties are investments in our community which revitalize our neighborhoods and meet a vital need for affordable places to live.” ~Minneapolis Mayor R.T. Rybak. | |
Who we serveAeon serves nearly 3,000 men, women and children each year. It offers 1,705 affordable apartments and townhomes which include:
- 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
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| Providing affordability for minimum wage workers
Aeon’s affordable apartments serve people earning lower incomes, such as  baristas, janitorial workers, school bus drivers, retail associates and health care clinic workers. Many of these workers earn minimum wage ($7.25 per hour) and would need to spend nearly their entire month's salary to pay the average Minneapolis rent of $910 per month. In 2008, Aeon residents earned a median household income of $16,507.
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.
By helping meet a critical community need, our mission strengthens the lives of residents and the greater community.
Creating stability for formerly homeless adults and youth
Aeon provides homes to individuals who experienced homeless in several of its properties, including 70 apartment homes for formerly homeless youth. At these properties, Aeon provides Resident Connections services or partners with a social services provider to help residents increase stablity and self-sufficiency.
Offering market rate rentals
Aeon provides a wide range of affordability to serve the community's affordable housing needs. Several Aeon properties are mixed-income developments that offer a range of rents from very-low to closer to market rates. Sometimes classmates, co-workers or relatives live together in a two-bedroom higher-rent apartment to share housing costs. Although Aeon’s focus is on affordable housing, it sometimes includes a mix of rental affordability when it makes sense to do for community and financial viability reasons.
Learn how Aeon's homes have strengthened our residents' lives.
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