Naturally Occurring Affordable Housing (NOAH) is a term for multifamily rental properties that offer low rents without public subsidy to low-income households. These properties are typically large, old, outdated and amenity-poor. Owners often defer upkeep to sustain returns while keeping rents low.
In 2016, the importance of preserving NOAH gained national attention when a large property in Richfield, Minnesota was sold. This property, home to multiple generations of families, was promptly upscaled by its new owner. Its 2,230 low-income residents were given a short time frame to manage higher rents and new screening criteria. Nearly all residents were displaced from their homes.
The following year, when it was rumored that another Richfield complex was up for sale, City Council members called Aeon. Overnight, Aeon ensured that the property, Seasons Park, would remain affordable. Like the previous Richfield property, Seasons Park housed mostly working class families, including approximately 200 preschool-age and 250 school-age children. Many of these residents had previously struggled to find a safe and affordable place to live – making the prospective sale of Seasons Park even more concerning.
In the past seven years, Aeon has invested in physical improvements to the property, and more are still needed. Resident Floribel explains, “Before, I lived in a few places, none of which I could afford. They all charged too much, and I had to keep moving. Here, it’s more calm. I am more stable here. It is very important and beneficial for the residents to preserve and maintain the property – to maintain the community. I want to stay here.”
Floribel lives in one of Seasons Park’s 422 apartments – a place she intends to stay. When asked about her dreams for the future, she focuses on her son: “I want him to continue in school and eventually go to college. This is a good area, with good schools. He can do it.”
Aeon is proud to support thousands of residents like Floribel, whose NOAH homes provide a stable and affordable place from which to grow.
