Author: resi

Aeon, nonprofit developer, owner, and manager of affordable housing, announced Saturday at a private event that the City of Richfield is the recipient of the 2017 NeighborWorks Community Builder Award, an award honoring community partners for extraordinary contributions to affordable housing. Mayor Pat Elliott and Richfield City Council members accepted the award on the city’s behalf.

The City of Richfield was recognized for its quick actions and financial support to preserve the affordability of Seasons Park Apartments, an apartment complex in Richfield that is home to more than 400 families, including 250 school-age children. Seasons Park was going to be sold to a developer who city leaders feared would upscale the property and displace virtually all of the current residents.

Richfield Schools Superintendent Steve Unowsky, speaking at a press conference last month announcing Aeon’s purchase of Seasons Park, said losing those 250 students would have been devastating to the Richfield Public Schools system.

“The City of Richfield took proactive steps to save the 422 affordable apartment homes at Seasons Park. It’s clear that Richfield city leaders care deeply about their community and they are committed to keeping individuals and families in their homes,” shared Alan, Aeon’s President & CEO.

“Richfield is a diverse community that strives to provide quality, affordable housing for all its residents. The city continues to welcome individuals and families of all backgrounds. The sale of Seasons Park to Aeon was another step in keeping our city as inclusive as possible,” said Richfield Mayor Pat Elliott. “We are honored to receive the Community Builder Award, and for Aeon’s partnership with the City of Richfield to insure the affordability of Seasons Park Apartments.”

The Twin Cities is in an apartment construction boom, but just 10 percent of the new units will be available for low-income renters. Existing affordable housing stock is also being purchased and renovated into higher rent housing. In 2016, there were only 1,050 new units of affordable housing units created in the entirety of Minnesota. The City of Richfield’s actions to protect the affordability of Seasons Park helps keep Minnesota from sliding backward in the effort to make housing more affordable.

About Aeon

Aeon is a responsive nonprofit developer, owner and manager of high-quality affordable apartments and townhomes which serve more than 5,000 people annually in the Twin Cities area. For more than 30 years, Aeon has been committed to helping people create a home in a safe, secure environment and connect to the community around them. We believe that Home changes everything. For more information, visit aeon.org or follow us on Twitter and Facebook.

A mile south of downtown Minneapolis, the intersection of Franklin and Portland avenues is a gateway into the ethnically and racially diverse Phillips neighborhood. The intersection, marked by vacant gasoline stations and a parking lot in the early 2000s, became the focus of a 15-year revitalization effort known as South Quarter.

Supporting everything from rehabs of existing units to new housing and services for Native American youths, the Minnesota Housing Finance Agency on Thursday announced $126 million in loans, grants and tax credits to affordable housing projects across the state.

When the young lawyer for the owner of the St. Paul senior-housing community showed up to explain why the building was about to be sold for a luxury, market-rate development, she didn’t feel threatened by Janet Troutman Simmons. After all, in 2015, Simmons was 88! But that was a mistake.

Los Angeles, CA – (RealEstateRama) — On Oct. 13, NeighborWorks America presented six individuals with its annual Dorothy Richardson Award for Resident Leadership. The award recognizes outstanding contributions by community leaders. The recognition occurred during the NeighborWorks Community Leadership Institute, which strengthens the skills of residents and provides seed grants to help them execute action plans when they return home.

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Nonprofit Aeon and The Community Development Trust (CDT) have partnered to preserve affordable housing for over 400 families, including approximately 200 preschool-age and 250 school-age children, in Richfield, Minn.

Aeon, CDT partner on $36 million acquisition