Aeon and the NOAH Impact Fund of Greater Minnesota Housing Fund (GMHF) completed the purchase of The Provinces, a property which includes 118 apartment homes in Little Canada. The building was sold by Dominium. Other key partners in the acquisition include NorthMarq Capital, which provided the mortgage through Freddie Mac’s Affordable Housing program, and Ramsey County Housing and Redevelopment Authority, which provided grant funding. This acquisition will preserve all 118 homes as affordable for Minnesota families.
Affordable housing organizations have looked to preservation of NOAH properties to stem the tide of rising rents. NOAH (naturally occurring affordable housing) can play a crucial role in relieving cost burdens for families and individuals across the state. Aeon, a nonprofit developer, owner and manager of affordable homes has purchased 1,447 NOAH apartment homes in recent years to preserve their affordability.
“Aeon is grateful for the strong relationships we have with our local multifamily housing partners,” said Blake Hopkins, Vice President of Housing Development at Aeon. “By selecting Aeon as the buyer of The Provinces, Dominium was able to ensure the preservation of long-term affordability for an estimated 300 residents.”
The purchase is Aeon’s second partnership with the NOAH Impact Fund. This is a $25 million equity fund established to preserve NOAH properties in Minnesota.
”As the NOAH Impact Fund continues its push to preserve 1,000 units of NOAH housing by the end of 2018, we are very fortunate to have Aeon as our partner in pursuing and executing on these critical acquisitions of multifamily housing,” said Rachel Robinson, NOAH Impact Fund manager.
The Twin Cities is in the middle of an apartment construction boom, but just 10 percent of new units will be available for low-income renters, according to the 2017 report “State of the State’s Housing Report, Twin Cities Region,” released by the Minnesota Housing Partnership (MHP).
Construction Begins for The Flats at Grandview Commons