Aeon Receives Low-Income Housing Tax Credit to support Edina development
MINNEAPOLIS (May 4, 2020)—Aeon, a nonprofit developer, owner and manager of affordable homes, is proud to announce the organization is the recipient of low-income housing tax credits from the Minnesota Housing Finance Agency. The funds will support the development of an affordable housing project in Edina and provide 70 homes to families.
The $327,722 awarded in tax credits will support the development of The Sound on 76th, a property located one block off France Avenue near Southdale Center in the heart of Edina. The majority of the homes will be two and three-bedroom. There will also be eight apartments designated for people leaving homelessness.
The Sound on 76th is near some of the best schools in Minnesota, job opportunities, shopping, parks, recreation and public transportation.
Aeon is partnering with the City of Edina, UrbanWorks, Kimley-Horn, Flannery Construction, The Richard M. Schulze Family Foundation, Haven Housing, Hennepin County, U.S. Bancorp Community Development Corporation, the Metropolitan Council and Minnesota Housing and others on the approximately $23 million development. Aeon hopes to break ground in late summer 2020.
“We are very grateful to receive low-income housing tax credit for this important project,” said Alan Arthur, Aeon’s President and CEO. “The Twin Cities is losing affordable homes faster than we can build new ones. We desperately need more affordable housing for families in the suburbs of the Twin Cities and The Sound on 76th is a step in the right direction. To provide all Minnesotans a home will require the financial commitment of many public and private sources. We want to thank the Minnesota Housing Finance Agency, and all of our partners, for their support.”
The Minnesota Housing Finance Agency’s Low-Income Housing Tax Credit (LIHTC) Program is a financing program for qualified residential rental properties. The LIHTC program offers investors a 10-year reduction in tax liability in exchange for capital to build eligible affordable rental housing units in new construction, rehabilitation, or acquisition with rehabilitation.